bitcoin is bitcoin-hit-turbulence-40-correction-eyed-before-reaching-150000-analyst-warns/” rel=”nofollow”>currently experiencing a setback after rising as high as $53,000 on February 20. However, this recent decline has not deterred bitcoin whalesand these investors see it rather as an opportunity to accumulate more bitcoin-150000-40-correction/” rel=”nofollow”>flagship crypto token.
Inflows to accumulation addresses reach an all-time high
Ki Young Ju, founder and CEO of on-chain analytics platform crypto Quant, revealed in an X (formerly Twitter) mail that inflows to accumulation addresses have reached an all-time high (ATH) of 25,300 btc. Young then highlighted the importance of this fact while explaining what accumulation directions are.
These accumulation addresses are said to have no outgoing transactions and have a balance exceeding 10 btc. accounts belonging to centralized exchanges (CEX) or miners are also excluded from this category of wallet addresses. Meanwhile, these addresses have received more than two incoming transactions, with the most recent occurring in the last 7 years.
Simply put, these addresses are the most bullish on bitcoin and can be considered the best.bitcoin-diamond-hands-hold-76-2-supply-new-record/” rel=”nofollow”>bitcoin diamond hands.' This development further highlights the increasing accumulation trend As more investors continue to accumulate their btc holdings ahead of the bitcoin-bull-market-glassnode/” rel=”nofollow”>next lockdownwhich is expected to begin after the Halving event.
Interestingly, inflows to accumulation addresses reaching an ATH coincide with Michael Saylor's statement that he does not plan to sell any of his company's bitcoin anytime soon. According to the technology executive, “bitcoin is the exit strategy.” Saylor's MicroStrategy is bitcoin–btc/” rel=”nofollow”>reported to hold 190,000 btc btc right now.
bitcoin spot ETFs also experience record day
bitcoin-etfs-record-2-2-billion-inflow-in-past-week/” rel=”nofollow”>Eric Balchunas, Bloomberg analyst pointed out in an X publication that the newly included bitcoin-trading-landscape-us/” rel=”nofollow”>bitcoin Spot ETF (known as 'The Nine') recorded their highest volume day since the first day of release. These funds are said to have made around $2 billion in combined trading volume.
Balchunas further mentioned that this achievement was largely due to the “great contributions” of VanEck ($HODL), WisdomTree ($BTCW), and Bitwise bitcoin ETF ($BITB)who broke all their personal records. bitcoin-etf/” rel=”nofollow”>VanEck bitcoin ETFIn particular, Mountain range more than 14 times its daily average.
Highlighting how explosive this was, Balchunas revealed that the VanEck bitcoin Trust ETF recorded 50,000 trades on February 20. Meanwhile, this same fund had only seen just 500 trades on February 16. Interestingly, the Bloomberg analyst noted that these trades were more likely from retail investors than from a single “large investor.” “
At the time of writing, bitcoin is trading at around $51,500, down in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Dips-Are-To-Buy-BTC-Sees-Record-Accumulation" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price reaches $51,200 | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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