Long-term Bitcoin holders moved a record $1.7 billion worth of BTC to long-term holding addresses in a single 24-hour period when the price of Bitcoin fell below $63,000 on April 16.
A record 27,700 Bitcoin was sent to ‘accumulation addresses’ on April 16, as the price of Bitcoin tumbled below $63,000.) holders added a record $1.7 billion worth of BTC to ‘accumulation’ wallet addresses in a single day as the price of Bitcoin fell below $63,000 earlier this week.
More than 27,700 BTC — worth $1.75 billion at current prices — was sent to accumulation addresses in a single 24-hour period between April 16 to 17, a new daily record for Bitcoin, per the latest The previous record — where 25,500 BTC was sent to accumulation addresses in a single day — was notched on March 23 this year, when the price of Bitcoin was also hovering around the $63,500 mark.This data shows that there has been an elevated level of motivated buying around the $63,000 range — suggesting that large, dedicated investors maintain their confidence in accumulating and holding Bitcoin for the long term.
An accumulation address is a Bitcoin wallet that shows no previous withdrawals and holds a balance of over 10 BTC. These addresses have been screened to exclude wallets known to be affiliated with Bitcoin miners and crypto exchanges.
Rekt explained that the recent dip — which has seen BTC tumble more than 14% from its all-time high of $73,600 on March 13 — was an expected part of a “pre-halving retrace.”“Historically, this phase has lasted just over a year however with a potential Accelerated Cycle occurring right now, this figure may get cut in half in this market cycle,” added Rekt.
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