The share of "young investment" bitcoin wallets is at its maximum since February 2018

The influx of new investors into the Bitcoin market has accelerated in recent months, likely creating an upward trend inpressure on price as on-chain data show.

According to the data provided by the analyticalby Chainalysis, the number of "young investment" wallets (those that are between one and three months old and rarely send bitcoins) jumped to 2,254,667 in September, the highest since February 2018. And that's double the 1.162.632 wallets six months ago.

In the first two months of the year, the growth curve was much flatter, but after the collapse in the price of Bitcoin in March, it turned into almost parabolic growth.

“It's very much like new people are coming into the market, buying bitcoin and keeping it in their wallets as a long-term investment,” said Chainalysis economist Philip Gradwell.

Investors took advantage of the 40 percent drop in price to below $ 4,000 on March 12 and have continued to pour funds into the main cryptocurrency ever since.

“Overall, the evidence suggests thatBuying pressure on Bitcoin is growing and the supply available for purchase is shrinking as a significant portion of newly acquired coins are likely to be locked up for a long period of time,” says Gradwell.

At the time of writing, Bitcoin is trading at around $10,500, up ~50% year-to-date, although there is still a long way to go to reach the all-time high of $20,000.

The number of young wallets in the second half2017, when Bitcoin grew from ~ $ 3000 to $ 20,000, it increased from 791,000 to 2,000,000. At the same time, investor interest remained strong even when the price fell sharply to $ 6,000 in February 2018.

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