As bitcoin reaches prices last seen in August 2018, the number of 'firm size' addresses (1,000–10,000 BTC) has been on a rise, Diar writes. In total, as much as 450,000 BTC have been accumulated by 'firm size' addresses in under nine months.
Retail size wallets (0-100 BTC) have also seen a 126,000 BTC increase and currently hold 38% of the circulating supply. Diar says that retail size wallets have unlikely been the driving cause of the recent price spikes.
More than 300,000 BTC have left major addresses, including exchanges, since the beginning of 2018. While these addresses used to hold more than a fifth of the total circulating bitcoin supply, only 16% remains there today.