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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains
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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains

Positive Vibes: 18,000 Bitcoin Purchased By Diamond Hands In One Week

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 2:32 pm
2 mins read
bitcoin

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Bitcoin has been moving sideways the past week after experiencing rejection at the $25,000 region. The cryptocurrency has been reacting to macroeconomic uncertainty pushing its price to the downside, but BTC continues to flash long-term buying signals.

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As of this writing, BTC trades at $23,500 with 1% profits in the last 24 hours. Over the previous week, Bitcoin records a 5% loss. Other cryptocurrencies in the crypto top 10 by market cap are recording similar price action, with Cardano (ADA) and Polygon (MATIC) leading the losers with a 10% and 16% loss, respectively.

Bitcoin BTC BTCUSDT
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview

Lon Term Bitcoin Holders Display Relentless Accumulation

According to a report from Bitfinex Alpha, the recent downside price action in Bitcoin has led to a spike in accumulation from long-term holders. These investors took advantage of the decrease in the BTC price to accumulate massive amounts of the cryptocurrency.

The report claims that long-term Bitcoin holders bought over 18,000 BTC in the past week. Bitfinex Alpha claims that these market dynamics suggest the crypto market is showing characteristics of an end of its bear cycle.

Whenever long-term BTC holders come into the picture and accumulate, the price of Bitcoin trends to the upside. The chart below shows that the 2021 bull run was preceded by a spike in the long-term holder supply, the amount of Bitcoin in the hands of multi-year investors.

Bitcoin BTC BTCUSDT Chart 2
Source: Bitfinex Alpha

Unlike speculators, these investors hold the cryptocurrency for higher timeframes, reducing the amount of BTC available to sell. Thus, Bitcoin moves in tandem with this metric. The report claims:

The Long-Term Holder Supply has continued to push higher. Long-term hodlers constituting a sizable portion of the BTC supply is a crucial on-chain feature of bear market bottoms, and is a positive signal, taking place amid a 40 percent increase in price, since the start of this year.

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Ethereum Whales Shake Off Market Uncertainty, Break 7-Year Accumulation Record

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In addition to the increase in long-term BTC holders, the report noted whale wallet inflows since last Friday, February 25. These inflows hint at confidence from large investors in the BTC price. The report concluded:

Historically, whales have continued to accumulate through even 100 percent moves (for example when the price rose from $3k-6k in 2019) during the end of the bear market; such was the case during the 2019 bear market rally and the 2020 flash crash when the pandemic sent risk assets crashing.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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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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