Bitcoin Dips Are For Buying: BTC Sees Record-Breaking Accumulation

2 months ago

Bitcoin is currently experiencing a retracement aft rising to arsenic precocious arsenic $53,000 connected February 20. This caller dip has, however, not deterred Bitcoin whales, with these investors alternatively seeing it arsenic an accidental to accumulate much of the flagship crypto token

Inflows To Accumulation Addresses Hit All-Time High

Ki Young Ju, the laminitis and CEO of the on-chain analytics level Crypto Quant, revealed successful an X (formerly Twitter) post that inflows into accumulation addresses person reached an all-time precocious (ATH) of 25,300 BTC. Young past highlighted the value of this occurrence arsenic helium elaborated connected what accumulation addresses are. 

These accumulation addresses are said to person nary outgoing transactions and person a equilibrium that exceeds 10 BTC. Accounts belonging to centralized exchanges (CEXs) oregon miners are besides excluded from this class of wallet addresses. Meanwhile, these addresses person received much than 2 incoming transactions, with the astir caller occurring wrong the past 7 years. 

Simply put, these addresses are the astir bullish connected Bitcoin and tin beryllium regarded arsenic the eventual ‘Bitcoin Diamond Hands.’ This improvement further highlights the growing accumulation trend arsenic much investors proceed to stack up their BTC holdings up of the next bull run, which is projected to statesman aft the Halving event.  

Interestingly, inflows into accumulation addresses hitting an ATH coincides with Michael Saylor’s connection that helium doesn’t program connected selling immoderate of his company’s Bitcoin anytime soon. According to the tech executive, “Bitcoin is the exit strategy.” Saylor’s MicroStrategy is reported to clasp 190,000 BTC BTC astatine the moment.

Spot Bitcoin ETFs Also See Record-Breaking Day

Bloomberg expert Eric Balchunas noted successful an X station that the recently listed Spot Bitcoin ETFs (referred to arsenic ‘The Nine’) recorded their biggest measurement time since Day 1 of launch. These funds are said to person seen astir $2 cardinal successful combined trading volume. 

Balchunas further mentioned that this accomplishment was mostly acknowledgment to “big contributions” from VanEck ($HODL), WisdomTree ($BTCW), and Bitwise’s ($BITB) Bitcoin ETFs, which each broke their idiosyncratic records. VanEck’s Bitcoin ETF, successful particular, saw much than a 14x summation successful its regular average. 

Highlighting however explosive this was, Balchunas revealed that VanEck Bitcoin Trust ETF recorded 50,000 trades connected February 20. Meanwhile, this aforesaid money had lone seen conscionable 500 trades connected February 16. Interestingly, the Bloomberg expert noted that these trades were much apt from retail investors alternatively than a azygous “big investor.”

At the clip of writing, Bitcoin is trading astatine astir $51,500, down successful the past 24 hours, according to data from CoinMarketCap. 

Bitcoin terms  illustration  from Tradingview.com

BTC terms reaches $51,200 | Source: BTCUSD connected Tradingview.com

Featured representation from CNBC, illustration from Tradingview.com

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