Bitcoin Inflows Surge to Accumulation Addresses
Recent data analysis shows a surge in Bitcoin inflows to unique addresses that have never executed a sale transaction before the recent market recovery began.
A market analyst noted that these accumulation addresses, which represent long-term holders within the Bitcoin network, have witnessed a substantial increase in incoming activity.
The criteria for these “accumulation addresses” include having no history of outgoing transactions, at least two incoming transactions within the last seven years, and holding more than 10 BTC.
Exchanges and miner wallets are not included in this group, as they typically represent sellers in the market.
A recent spike in Bitcoin inflows to these addresses occurred on the 15th of the month, totaling 17,800 BTC, valued at nearly $1.1 billion at the time of purchase.
Following this influx, Bitcoin’s price surged, surpassing $71,000 shortly after. It is suggested that these investors, often viewed as “smart money,” anticipated the market uptrend and strategically accumulated more Bitcoin.
Past instances of similar spikes in accumulation have preceded bullish price movements in Bitcoin, indicating a possible positive correlation.
The collective value of Bitcoin holdings within these unique addresses now exceeds $1.24 billion, showcasing the favorable outcomes of their strategic accumulation.
Current Bitcoin Price
As of the latest data, Bitcoin is currently trading at approximately $69,600, showing a 13% increase over the past week.
