bitcoin's price action over the past week has been a cause of concern for the majority of the crypto community. This has pretty much been the case for other cryptocurrencies on the market, with several large-cap tokens reversing their recently accumulated gains.
However, some investors are treating the recent price decline as a once-in-a-lifetime bull market opportunity as they continue to fill their bags with assets of their choice. Specifically, the latest on-chain data shows significant buying activity among a certain class of investors.
25,000 btc Flow to Accumulation Directions in One Day
Prominent cryptography expert Ali Martínez revealed, through a publish in Xthat more than 25,000 btc (valued at approximately $1.6 billion) were moved to accumulation addresses on Friday, March 22. This figure represents the highest amount transferred to these wallets in a single day so far in 2023.
The metric of interest here is the inflow to accumulation addresses on the bitcoin blockchain. For context, a bitcoin accumulation address refers to an address that has no outgoing transactions and maintains a balance of at least 10 btc.
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A chart showing the inflows to bitcoin accumulation addresses | Source: Ali_charts/X
However, this classification excludes digital wallets linked to centralized exchanges and miners and has less than 2 non-dust incoming transfers. Additionally, it does not include addresses that have not seen activity in more than seven years.
The increased flow of coins into this class of wallet addresses is evidence of substantial accumulation of btc by entities that view cryptocurrencies as a long-term investment. He notes that certain deep-pocketed players are hoarding bitcoin in anticipation of possible value appreciation.
What's more, this significant acquisition by long-term investors emphasizes the growing adoption of bitcoin as a store of value. Meanwhile, it could be an indicator of an upward price movement in the short term.
bitcoin Price Overview
At the time of writing, bitcoin is valued at $64,636, reflecting a price increase of just 1% in the last 24 hours. This price change is somewhat insignificant, considering the major cryptocurrency's deep pullback earlier in the week.
According to data from CoinGecko, the price of btc is down 2.4% over the past week. Meanwhile, the market leader is currently about 13% away from its all-time high of $73,798.
However, it has been an overall positive performance for the bitcoin price in March, having surpassed this previous all-time high of $69,000 just over a week ago. And, with a market capitalization of $1.26 trillion, btc maintains its position as the largest cryptocurrency in the sector.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-addresses-add-16-billion-in-BTC-in-a-single" alt="bitcoin” width=”2174″ height=”1434″/>
The price of bitcoin struggles to hold above $64,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
