Bitcoin Accumulation: You Won’t Believe How Much BTC Holders Have Bought Since The Crash
April 19 2024 - 5:00PM
NEWSBTC
Bitcoin holders have again reaffirmed their faith in the flagship
crypto despite its recent price declines. This follows recent data
showing that Bitcoin accumulation addresses recorded a new all-time
high (ATH) amidst the current market downward trend.
Accumulation Addresses Record New All-Time High Of Bitcoin Inflows
Data from the on-chain analytics platform CryptoQuant shows that
over 27,700 BTC was transferred into accumulation addresses between
April 16 and 17. This is a new all-time high (ATH) for these
addresses in terms of their daily Bitcoin inflows. Related
Reading: Crypto Analyst Predicts Cardano Rally To $3 As Price
Reaches ‘Ultimate Support Test’ Before now, the highest amount of
BTC sent to these addresses in a day stood at 25,500, recorded on
March 23 earlier this year. Interestingly, the March 23 record came
just about a month after Bitcoin inflows into accumulation
addresses hit an all-time high (ATH) of 25,300 BTC on February
21. Accumulation addresses are wallets with no outgoing
transactions and have a balance of over 10 BTC. Accounts belonging
to centralized exchanges and Bitcoin Miners are excluded from this
category. Meanwhile, these addresses must have received two
incoming transactions, with the most recent occurring within the
last seven years. These addresses can be considered the most
bullish on Bitcoin, and the growing accumulation trend from these
wallets shows how much faith these long-term holders have in the
flagship crypto. Furthermore, they are also believed to be
positioning themselves ahead of the bull run, as BTC may never drop
to these price levels once it comes into full force.
Meanwhile, CryptoQuant’s CEO, Ki Young Ju, also highlighted the
significance of this development, noting that on-chain accumulation
has remained “very active” even as the demand for Spot Bitcoin ETFs
has stagnated for four weeks. This suggests that Bitcoin bulls
could help shore up the demand gap left open by these ETFs.
BTC Price Shows Strength Bitcoin dropped below the $60,000 support
level following reports about Israel’s retaliatory attack on Iran.
However, the flagship crypto showed strength as it quickly
rebounded above the $60,000 price mark. This is significant
considering how much Bitcoin and the broader crypto market declined
rapidly following Iran’s attack against Israel on April 13.
Related Reading: XRP Whales Are On The Move Again, But Are They
Bullish Or Bearish? Furthermore, the quick price recovery also
suggests that Bitcoin has established strong support around the
$60,000 price range and could be set for a parabolic move to the
upside once this period of consolidation is over. Crypto analyst
Crypto Rover also recently commented on Bitcoin’s future
trajectory, stating that the crypto token will come out with a
“banger” soon enough. At the time of writing, Bitcoin is trading at
around $62,000, up in the last 24 hours according to data from
CoinMarketCap. BTC price recovers above $64,000 | Source:
BTCUSD on Tradingview.com Featured image from Crypto News, chart
from Tradingview.com
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