Bitcoin does is currently experiencing a retracement after rising to $53,000 on February 20. This recent dip has… Bitcoin whaleswhere these investors are more likely to see it as an opportunity to capture more of the flagship crypto token.
The inflow to accumulation addresses reached a record high
Ki Young Ju, the founder and CEO of on-chain analytics platform Crypto Quant, unveiled in an X (formerly Twitter) after that inflows to accumulation addresses have reached an all-time high (ATH) of 25,300 BTC. Young then emphasized the significance of this incident as he elaborated on what accumulation addresses are.
These accumulation addresses are said to have no outgoing transactions and a balance greater than 10 BTC. Accounts belonging to centralized exchanges (CEXs) or miners are also excluded from this category of wallet addresses. Meanwhile, these addresses have received more than two incoming transactions, the most recent of which occurred within the last seven years.
Simply put, these addresses are the most bullish on Bitcoin and can be considered the ultimate ‘Bitcoin diamond hands.’ This development once again underlines the growing accumulation trend as more investors continue to pile up their BTC holdings ahead of the next bull runwhich is expected to start after the Halving event.
Interestingly, the inflow into accumulation addresses reaching an ATH coincides with Michael Saylor’s declaration that he has no plans to sell any of his company’s Bitcoins anytime soon. According to the tech manager, “Bitcoin is the exit strategy.” Saylor’s MicroStrategy is reported to currently hold 190,000 BTC BTC.
Also discover Bitcoin ETFs See record day
Bloomberg analyst Eric Balchunas noted in an X post that the newly listed Discover Bitcoin ETFs (aka ‘The Nine’) recorded their largest volume day since day one of launch. These funds are said to have seen a combined trading volume of approximately $2 billion.
Balchunas further said that this performance was largely due to “major contributions” from VanEck ($HODL), WisdomTree ($BTCW) and Bitwise ($BITB) Bitcoin ETFsall of whom broke their personal records. VanEcks Bitcoin ETFin particular, saw more than a 14x increase over the daily average.
I emphasized how explosive this was, Balchunas revealed that VanEck Bitcoin Trust ETF registered 50,000 transactions on February 20. Meanwhile, this same fund had seen just 500 trades as of February 16. Interestingly, the Bloomberg analyst noted that these trades were more likely to come from retail investors than from a single “major investor.” ”
At the time of writing, Bitcoin is trading around $51,500, down in the past 24 hours. facts from CoinMarketCap.
BTC price reaches $51,200 | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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