Bitcoin Addresses Add $1.6 Billion In BTC In A Single Day – Price Recovery Soon?
March 24 2024 - 6:30AM
NEWSBTC
The price performance of Bitcoin over the past week has been a
source of concern for the majority of the crypto community. This
has pretty much been the case for other cryptocurrencies in the
market, with several large-cap tokens reversing their
recently-accrued profits. However, some investors are treating the
recent price decline as a rare opportunity in the bull market as
they continue to load their bags with assets of their choice.
Specifically, the latest on-chain data shows significant buying
activity amongst a certain class of investors. 25,000 BTC
Flow Into Accumulation Addresses In One Day Prominent crypto pundit
Ali Martinez revealed, via a post on X, that more than 25,000 BTC
(valued at approximately $1.6 billion) was moved to accumulation
addresses on Friday, March 22. This figure represents the highest
amount transferred to these wallets in a single day so far in 2023.
Related Reading: Ethereum Drops Below The 100-Day Moving Average –
What’s Next? The metric of interest here is the Inflow to
Accumulation Addresses on the Bitcoin blockchain. For context, a
Bitcoin accumulation address refers to an address that has zero
outgoing transactions and maintains a balance of at least 10 BTC. A
chart showing the inflows to Bitcoin accumulation addresses |
Source: Ali_charts/X This classification, however, excludes digital
wallets linked to centralized exchanges and miners and has less
than 2 non-dust incoming transfers. Also, it doesn’t include
addresses that have not seen any activity in more than seven years.
The increased flow of coins into this class of wallet addresses is
evidence of substantial BTC accumulation by entities who view the
crypto as a long-term investment. It signals that certain big-money
players are amassing Bitcoin in anticipation of potential value
appreciation. What’s more, this significant acquisition by
long-term investors emphasizes the increasing adoption of Bitcoin
as a store of value. Meanwhile, it might be an indicator of bullish
price movement in the short term. Bitcoin Price Overview As
of this writing, Bitcoin is valued at $64,636, reflecting a mere 1%
price increase in the past 24 hours. This price change is somewhat
negligible, considering the deep retracement of the premier
cryptocurrency earlier in the week. According to data from
CoinGecko, the price of BTC is down by 2.4% over the past week.
Meanwhile, the market leader is currently about 13% from its record
high of $73,798. Related Reading: March Sees Nearly $1 Billion In
Ethereum Netflow To Centralized Exchanges – What’s Happening?
However, it has been an overall positive performance for the
Bitcoin price in March, having surpassed this previous all-time
high of $69,000 a little over a week ago. And, with a market cap of
$1.26 trillion, BTC retains its position as the largest
cryptocurrency in the sector. The price of Bitcoin struggles to
hold above $64,000 on the daily timeframe | Source: BTCUSDT chart
on TradingView Featured image from iStock, chart from TradingView
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024