Bitcoin Accumulation Addresses Hit New All-Time High Despite Market Turbulence
In an unprecedented move that underscores the unwavering confidence of investors in Bitcoin, recent data reveals that Bitcoin accumulation addresses have surged to a new all-time high, even as the crypto market experiences a downward trend.
According to data from the on-chain analytics platform CryptoQuant, a staggering amount of over 27,700 BTC was transferred into accumulation addresses between April 16 and 17, marking a record high for these addresses in terms of daily Bitcoin inflows.
Accumulation addresses are defined as wallets that have registered no outgoing transactions and hold a balance of over 10 BTC. Importantly, accounts associated with centralized exchanges and Bitcoin Miners are not included within this category. To qualify, these addresses must have received at least two incoming transactions, with the latest one occurring within the past seven years. This category signifies the most bullish stance on Bitcoin, highlighting the strong confidence long-term holders place in the cryptocurrency.
CryptoQuant's CEO, Ki Young Ju, highlighted the robust activity in on-chain accumulation, even as the interest in Spot Bitcoin ETFs appeared to wane in the past month. This trend suggests that the Bitcoin bulls are potentially stepping in to fill the void left by the ETFs.
Remarkably, despite encountering a dip below the $60,000 mark due to geopolitical tensions, Bitcoin demonstrated its resilience by bouncing back above this crucial price level. This recovery showcases Bitcoin's robust support around the $60,000 range, hinting at the possibility of a significant bullish momentum once the market consolidates. A crypto analyst recently noted that the current trajectory of Bitcoin signals a strong performance in the near future. As of this writing, Bitcoin is trading at approximately $62,000, having shown signs of recovery in the past 24 hours.
It is essential to remember that the information provided should not be considered as financial advice. Conducting your own research before making any investment decisions is crucial.
This fresh data suggesting a growing faith among Bitcoin investors, amidst a challenging market scenario, certainly adds an interesting layer to the narrative of Bitcoin's durability and the undiminished enthusiasm of its long-term holders.
Analyst comment
Positive news: Bitcoin accumulation addresses hitting a new all-time high despite market turbulence indicates strong confidence and bullish stance among long-term holders. This suggests potential for significant bullish momentum once the market consolidates. Bitcoin has shown resilience by bouncing back above $60,000, signaling a strong performance in the near future.
