Markets
Bitcoin Accumulation Faces Surge as Market Optimism Returns
Onchain Highlights
DEFINITION: The number of unique accumulation addresses. Accumulation addresses are defined as addresses that have at least two non-dust inbound transfers and have never spent funds. Exchange addresses and addresses received from Coinbase transactions (miner addresses) are deleted. To account for lost coins, addresses active more than seven years ago were also omitted.
Recent data from Glassnode indicates notable movements in Bitcoin accumulation addresses. The number of these addresses declined at the start of the year and a resurgence began in late April. This increase aligns with broader market optimism and the Bitcoin price stabilizing around $60,000. According to CryptoSlate, long-term holders have added nearly 70,000 BTC since the cycle bottom, reversing a previous divestment trend.
Additionally, the Bitcoin halving spurred substantial accumulation. Over 115,000 BTC were accumulated in April alone, reflecting strong market confidence. This behavior is also evidenced by a surge in investor activity, with significant inflows into Bitcoin. accumulation addresses reaching record levels in April.
These trends suggest a bullish outlook among long-term holders and other key market participants, highlighting a collective confidence in Bitcoin’s future prospects. The interplay between these accumulation trends and market events such as the halving will be crucial in shaping Bitcoin’s trajectory in the months to come.
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