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Bitcoin Accumulation Hits Records in ‘Normal’ BTC Price Dip - news.adtechsolutions Bitcoin Accumulation Hits Records in ‘Normal’ BTC Price Dip - news.adtechsolutions

Bitcoin Accumulation Hits Records in ‘Normal’ BTC Price Dip


Key points:

  • Bitcoin accumulator addresses fetch 375,000 BTC in a month in a new record.

  • Accumulators added 50,000 BTC as the price slipped under $100,000 for the first time in months.

  • The decline from the October high remains within “normal parameters”.

Bitcoin (BTC) Accumulation is hitting record levels as a trader hits the price dip of $100,000 BTC.

Data from onchain analytics platform CryptoQuant published on X Wednesday by contributor Darkfost shows buyers adding 375,000 BTC in just one month.

Bitcoin dip-buyers hit 375,000 BTC monthly record

Bitcoin hodlers can be busy distribute his possessions to the market, but there is still a lot of demand among some buyers.

CryptoQuant’s numbers tracking so-called “accumulator addresses” — wallets that only buy and never sell — also show new records being made in October.

“With more than 375,000 BTC accumulated over a 30-day shift, these accumulator addresses have just set a new all-time high in BTC purchases,” wrote Darkfost.

On Tuesday only, the accumulators add 50,000 BTC as the price crossed under the $100,000 mark for the first time since June.

“Although overall demand is slowing down, this is not the case for these investors,” observed Darkfost.

“In less than two months, the monthly average has more than doubled, rising from 130,000 to 262,000 BTC, showing that this trend is accelerating.”

The Bitcoin accumulator addresses the demand. Source: Darkfost/X

He added that the United States spot Bitcoin exchange-traded funds (ETF), despite recent flowsare “very likely to accelerate” the accumulation uptrend.

Net flows passed 500 million dollars on Tuesday, with the notable exception of the largest ETF, BlackRock’s iShares Bitcoin Trust (IBIT), which was flat, according to data from the UK investment company. Farside Investors.

Trader: Sub-$100,000 BTC dip is not ‘crazy outlier’

As panic grips the sentiment of the crypto market, other analyzes show that the situation remains manageable.

Related: Bitcoin’s ‘confirmed bear market’: Watch these BTC price levels next

By historical standards, Bitcoin’s latest breakout from all-time highs is actually at the lower end of the scale.

The dip is put into context by data from the onchain analytics platform Glass node.

Bitcoin price drops from all-time highs. Source: Glassnode

“During this cycle, the typical correction signature was between 20-25%, with a couple of 30% ish. This current correction is in 21%, totally within the normal parameters”, X trader Lourenço VS. commented on the topic.

“Looking at the current move as this terrible crazy excess just happened. Nothing out of the ordinary here, with the HTF structure still intact.”

Three-day BTC/GUSD chart. Source: Lourenço VS/X

This article does not contain investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making a decision.