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In a notable development, Bitcoin inflows to accumulation addresses have surged to a historic peak, totaling 27.7k BTC.
Volatility has been a consistent feature around each Bitcoin halving event. As the next halving approaches, Bitcoin experienced a downturn of over 10% in the past week, dipping under $60k.
However, despite these fluctuations, the trend of accumulation persists among Bitcoin holders.
Record Bitcoin Inflows into Accumulation Addresses
Recent analysis by renowned crypto analyst Ali Martinez highlights a substantial movement of more than 27,700 BTC, valued at roughly $1.72 billion, into accumulation addresses following Bitcoin’s drop below the $63,000 threshold.
Over 27,700 $BTC, worth around $1.72 billion, have flown into accumulation addresses as #Bitcoin dropped below $63,000! pic.twitter.com/ksrk0qNp41
— Ali (@ali_charts) April 18, 2024
This influx underscores a strong interest from investors in accumulating Bitcoin, potentially in anticipation of future price appreciation.
This trend is further corroborated by CryptoQuant’s latest report, indicating that Bitcoin inflows to accumulation addresses have surged to a new record high, surpassing the previous peak of 25,100 BTC noted on March 22, 2024.
Accumulation addresses are identified based on specific criteria, including the absence of outgoing transactions, a balance exceeding 10 BTC, exclusion of accounts linked to centralized exchanges or miners, reception of more than two incoming transactions, and only one outgoing transaction within the last seven years.
These metrics suggest a notable increase in Bitcoin holdings within addresses associated with long-term holding strategies, reflecting a growing confidence among investors.
Transition to Re-Accumulation Phase Post Bitcoin Halving
An intriguing analysis by prominent trader ‘Rekt’ indicates that Bitcoin’s ongoing correction phase may be nearing its end. This suggests that the market could be entering a re-accumulation phase post-halving, during which Bitcoin is expected to establish a range low before trading sideways, both leading up to and following the event.
Historical data indicates that this re-accumulation phase typically extends over several months, with Bitcoin maintaining a sideways trajectory. Drawing parallels to previous halving cycles, Bitcoin remained range-bound for approximately five months following both the 2016 and 2020 halving events.
If historical patterns repeat, the market could stabilize around elevated levels, hovering in the high $50k range until around October.
The post $1.72 Billion Worth of Bitcoin Shifted to Accumulation Addresses Following Drop Below $63K: Data appeared first on DailyCoinPost.