Bitcoin Accumulation Ramps Up: Investors Scoop $4.16 Billion In Four Days
09 Novembre 2024 - 7:30PM
NEWSBTC
The price of Bitcoin has turned in an impressive performance,
forging successive all-time highs over the past week. Similarly,
other large-cap assets, such as Ethereum, Solana, and Cardano, have
been experiencing massive upside movement in the past few days.
Interestingly, the latest on-chain observation suggests that the
crypto market — particularly Bitcoin — may not be done just yet.
This projection is as investors seem to be doubling down on
their positions rather than selling off their assets for some
short-term gains. Bitcoin Investors Continue To Load Their
Bags Popular crypto pundit Ali Martinez took to the X platform to
reveal that Bitcoin accumulation addresses have been witnessing
significant inflows over the last few days. This on-chain
revelation is based on the spike in CryptoQuant’s “Inflows to
Accumulation Addresses” metric. Related Reading: Ethereum Jumps 10%
As DeFi Sentiment Rebounds With Trump’s Victory Accumulation
addresses can be defined as addresses, excluding miners’ and
exchange addresses, that have zero outgoing transactions or at
least haven’t spent their holdings over a period. Moreover, these
addresses must have received at least two incoming transfers and
hold more than 10 BTC. These Bitcoin addresses are usually
controlled by major entities, including whales, institutional
players, and so on. According to data from CryptoQuant, a whopping
57,800 BTC (equivalent to approximately $4.16 billion) has made its
way to these accumulation addresses since November 3. As shown in
the chart below, inflows into the Bitcoin accumulation addresses
have been on the rise in recent weeks. Typically, this positive
trend is a favorable sign for the price of BTC, which has been on a
ride of its own in the past few days. The choice to “hodl” rather
than sell for profit also indicates the increased faith in the
long-term success of Bitcoin, implying that major investors expect
the flagship cryptocurrency to keep rising. As of this writing, the
Bitcoin price stands at around $76,550, reflecting a measly 1%
increase in the past 24 hours. However, the market leader is up by
more than 10% on the weekly timeframe. USDT Netflow On Exchanges
Surpasses $2 Billion According to a recent Quicktake post on the
CryptoQuant platform, there has been a significant inflow of the
USDT stablecoin into centralized exchanges. On-chain data shows
that the stablecoin’s net inflows have crossed $2 billion, its
highest level since December 2022. Related Reading: Cardano Price
Prediction: Analyst Sounds Alarm Of Break Through Key Resistance,
Why A Rally Could Follow Higher stablecoin balances (which are
often used as an indicator of increased liquidity) suggest a high
amount of buying power for investors, leading to elevated investor
demand. If this rising liquidity on exchanges is correlated with
the growing accumulation, it could positively impact the Bitcoin
price. Featured image from iStock, chart from TradingView
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