Bitcoin owners continue to demonstrate their confidence in the leading cryptocurrency, even as its price drops. Notably, there has been an increase in the number of Bitcoin wallets amassing coins, reaching a new record high during this market slump.
Accumulation Addresses Record New All-Time High Of Bitcoin Inflows
According to the data from cryptocurrency analytics platform CryptoQuant, approximately 27,700 Bitcoins were moved into accumulation addresses between April 16 and 17. This represents a record-breaking daily inflow for these specific addresses.
Previously, the most Bitcoin transferred to these addresses in a single day amounted to 25,500 coins, which occurred on March 23 this year. Notably, this record was set approximately one month after Bitcoin accumulation addresses received a peak inflow of 25,300 BTC on February 21.
Wallets with no recorded outgoing transactions and a balance exceeding 10 Bitcoins are referred to as accumulation addresses. Excluded from this classification are accounts linked to centralized exchanges and Bitcoin miners. These wallets, however, must have experienced at least two previous incoming transactions, with the most recent one being processed within the last seven years.
The addresses mentioned here are known for their strong belief in Bitcoin. Their increasing storage of Bitcoin indicates their confidence in the leading cryptocurrency. Moreover, it is assumed that these long-term investors are preparing for an uptrend, as Bitcoin’s price might not reach these lows again during a bull market.
In the meantime, CryptoQuant’s CEO, Ki Young Ju, pointed out that the on-chain accumulation of Bitcoin has been quite robust despite a four-week plateau in demand for Spot Bitcoin ETFs. This indicates that Bitcoin investors may step up to fill the void left by the ETFs and potentially boost the market.
BTC Price Shows Strength
Bitcoin dipped beneath the $60,000 threshold due to news about Israel’s response towards Iran. Yet, Bitcoin proved resilient, bouncing back above the $60,000 mark shortly after. Notably, the value of Bitcoin and the crypto market as a whole saw substantial decreases following the conflict between Iran and Israel on April 13.
In addition, the swift rebound in Bitcoin’s price indicates that it has found solid ground for support around $60,000. This could signal a potential surge upward once the current phase of stability ends. Notably, crypto expert Crypto Rover predicts an exciting development for Bitcoin in the near future.
Currently, Bitcoin is priced approximately at $62,000 based on information from CoinMarketCap, representing an increase over the past 24 hours.
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2024-04-20 00:04