The price has been falling, but accumulation has been increasing

If you just look at the price over the last 12 months you likely haven't seen the whole picture.

The price is down some 70% from the all time highs but under the hood accumulation has been skyrocketing.

Specifically, the last 9 months or so.

Check this out:

(Source:

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The top line is the price, which has been falling for roughly a year.

The bottom line is the number of bitcoin wallets holding at least 1 bitcoin in them.

As you can see, that number just keeps on climbing, and it's really accelerated over the last several months.

My guess is once this bear market just takes a little breather, the price of bitcoin is going to sore.

The next bull market is going to be a lot of fine with this kind of backdrop!