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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Addresses Add $1.6 Billion In BTC In A Single Day – Price Recovery Soon?

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Bitcoin price

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The price performance of Bitcoin over the past week has been a source of concern for the majority of the crypto community. This has pretty much been the case for other cryptocurrencies in the market, with several large-cap tokens reversing their recently-accrued profits.

However, some investors are treating the recent price decline as a rare opportunity in the bull market as they continue to load their bags with assets of their choice. Specifically, the latest on-chain data shows significant buying activity amongst a certain class of investors. 

25,000 BTC Flow Into Accumulation Addresses In One Day

Prominent crypto pundit Ali Martinez revealed, via a post on X, that more than 25,000 BTC (valued at approximately $1.6 billion) was 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.

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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 zero outgoing transactions and maintains a balance of at least 10 BTC.

Bitcoin

A chart showing the inflows to Bitcoin accumulation addresses | Source: Ali_charts/X

This classification, however, excludes digital wallets linked to centralized exchanges and miners and has less than 2 non-dust incoming transfers. Also, it doesn’t include addresses that have not seen any activity in more than seven years.

The increased flow of coins into this class of wallet addresses is evidence of substantial BTC accumulation by entities who view the crypto as a long-term investment. It signals that certain big-money players are amassing Bitcoin in anticipation of potential value appreciation.

What’s more, this significant acquisition by long-term investors emphasizes the increasing adoption of Bitcoin as a store of value. Meanwhile, it might be an indicator of bullish price movement in the short term. 

Bitcoin Price Overview

As of this writing, Bitcoin is valued at $64,636, reflecting a mere 1% price increase in the past 24 hours. This price change is somewhat negligible, considering the deep retracement of the premier cryptocurrency earlier in the week.

According to data from CoinGecko, the price of BTC is down by 2.4% over the past week. Meanwhile, the market leader is currently about 13% from its record high of $73,798.

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However, it has been an overall positive performance for the Bitcoin price in March, having surpassed this previous all-time high of $69,000 a little over a week ago. And, with a market cap of $1.26 trillion, BTC retains its position as the largest cryptocurrency in the sector.

Bitcoin

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
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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