A unique group of Bitcoin investors is quietly shaping the future by holding strong while others trade. These wallets, called accumulator addresses, have one simple rule: they only buy Bitcoin and never sell. To qualify as one of these wallets, the address must make at least two incoming transactions of a certain amount and show no selling activity. Data from CryptoQuant shows that accumulator addresses now hold more than 266,000 BTC, a record as of early September. This rise suggests that more investors view Bitcoin as a long-term store of value, not just a tool for quick trades. Companies adding BTC to their treasuries and growing adoption across markets support this idea, showing confidence in Bitcoin’s role as a durable financial asset.
While this faith is growing, Galaxy Digital raised a concern about Bitcoin’s fee market. Since the 2024 halving and the sharp drop in Ordinals and Runes activity, fewer users compete for blockspace. About 15% of blocks now clear at almost no cost. That gives users cheap transactions but creates a problem for miners. With fewer fees and shrinking block subsidies, miners earn less, which could weaken security if the network does not attract more on-chain demand. Galaxy warned that Bitcoin could turn into a “settlement layer without real settlement,” especially as activity shifts to ETFs, custodial platforms, and faster blockchains like Solana. The health of the fee market matters because miners need enough incentives to keep the system secure.
Traders are also watching Bitcoin’s price action after a long compression phase. Analysis from Bitcoin Vector shows BTC is trying to reclaim the old range lows between $112,000 and $121,000. A daily close above $112,000 is seen as a signal for strength. Key levels to watch include $113,600 and $115,600. If Bitcoin holds these points, buyers could push for a bullish reversal. This view sees momentum building toward a stronger move up. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $113,279 as the Wall Street session opened, keeping $110,000 as support after the weekend.
Well-known traders also weighed in. Michaël van de Poppe pointed out that Bitcoin regained the 20-day simple moving average around $111,500 and climbed back above $112,000. He noted that gold has been printing strong all-time highs, and Bitcoin often follows gold’s moves with a delay. Trader Crypto Tony called $113,000 a good entry point for a long position. Investor Ted Pillows was more cautious, saying the lack of strong spot demand could weaken the current trend. Spot demand matters because it shows real buyers in the market, not just traders using leverage.
Order-book data from CoinGlass revealed thick sell orders stacked up just above the current price, reaching $114,500. This resistance caught the attention of analysts who thought it could influence the next move. CW, a crypto investor and data analyst, said Bitcoin is close to a high-leverage short position zone. Material Indicators also noted that resistance below $115,000 could slow down bulls. Still, they pointed out that macroeconomic factors might help. The US Federal Reserve is expected to cut interest rates soon, and that could boost demand for Bitcoin as investors look for stores of value outside traditional assets.
Even with these signals, traders know Bitcoin can surprise with sharp liquidity flushes. These events happen when the price drops fast to clear out over-leveraged positions before bouncing back. Liquidity heatmaps show where these moves might occur, and many are watching for another test of lower support levels. While risks remain, the presence of accumulator addresses and ongoing institutional interest suggest that the long-term path for Bitcoin remains strong. Investors who treat BTC as a settlement layer and financial reserve see value in holding through short-term uncertainty, even as fee market debates and price battles unfold. Bitcoin’s future depends on both the conviction of its holders and the strength of its network incentives, and right now both forces are shaping a market full of possibility.
