Bitcoin’s price has performed well over the last week. source Most of the community is concerned. The same has been true for many other coins in the market. Many large-cap coins have reversed recent gains.
Nevertheless, there are some investors who view recent prices declines as an opportunity. a rare opportunity in the bull market They continue to pack their bags full of assets. Specifically, recent on-chain statistics show significant activity by a particular class of investors.
25,000 BTC to Accumulation addresses in One Day
Prominent crypto pundit Ali Martinez revealed, via a post on X. That more than 25,000 BTC was sent to accumulation address on Friday 22nd March. The amount is the most transferred in one day in 2023.
This is the metric that we are interested in. Inflow to Accumulation Addresses The Bitcoin blockchain. A Bitcoin accumulation address is an address with zero outgoing transaction and a minimum balance of 10 BTC.
Chart showing Bitcoin inflows into accumulation addresses. Source:| Source: Ali_charts/X
This classification does not include digital wallets connected to exchanges, miners or digital wallets with less than 2 non dust incoming transfers. This classification excludes digital wallets that have seen no activity in the past seven years.
This increased inflow of coins is evidence that substantial BTC accumulation By entities that view cryptos as long-term investments. The accumulation of Bitcoin by certain large-scale players is a sign that they are anticipating a possible value increase.
It is also important to note that this acquisition by long-term investors This highlights the growing adoption of Bitcoin as an alternative to traditional currency. In the meantime, this could be an indication that price will rise in short time.
Bitcoin Price Analysis
Bitcoin was the first cryptocurrency to be created. valued at $64,636The price of, which is a mere 1% increase over the past 24 hour. It is a relatively small price shift, especially when you consider the massive retracement the leading cryptocurrency suffered earlier in the week.
CoinGecko reports that BTC has dropped 2.4% since the beginning of the week. Meanwhile, market leader BTC is now about 13% away from the record high $73,798.
Bitcoin has seen a good performance overall in March. The price of Bitcoin has exceeded the all-time record high, which was $69,000, a little more than a week before. BTC, which has a $1.26 trillion market capitalization, remains the biggest cryptocurrency.
Bitcoin's price struggles to stay above $64,000 per day | Source: BTCUSDT chart on TradingView
Featured image is from iStock. Chart from TradingView
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