Holders added a record $1.7 billion worth of BTC to “accumulated” wallet addresses in a single day as Bitcoin prices fell below $63,000 earlier this week.
More than 27,700 BTC – worth $1.75 billion at current prices – was sent to addresses cumulatively in a 24-hour period from April 16 to 17, a new daily record for Bitcoin, according todata Latest from CryptoQuant.
The previous record – in which 25,500 BTC was sent to cumulative addresses in a single day – was recorded on March 23 of this year, when Bitcoin price was also hovering around the $63,500 mark.
This data shows elevated levels of motivated buying around the $63,000 range – indicating large investors, maintaining confidence in accumulating and holding Bitcoin for the long term.
The cumulative address is a Bitcoin wallet that shows no previous withdrawals and holds a balance of over 10 BTC. These addresses were screened to exclude wallets known to be affiliated with Bitcoin miners and cryptocurrency exchanges.
Some market analysts including anonymous trader Rekt Capital have suggested that the first few months of this year may be the last time investors can buy Bitcoin at a “bargain price” ahead of the bull run. after halving.
In an April 17 post to its 453,000 X Watcher , Rekt Capital said that Bitcoin price action is currently following a similar pattern to previous halving cycles.
Rekt explained that the recent price drop – which dropped BTC more than 14% from All-Time-High of $73,600 on March 13 – was an expected part of a “pre-halving pullback”.
The analyst predicts that Bitcoin could enter a “re-accumulation phase” following the halving event – currently scheduled for April 20.
Once Bitcoin breaks out of the re-accumulation zone, it will break into a parabolic uptrend.
Rekt added: “Historically, this phase lasts just over a year (~385 days) however with the potential Acceleration Cycle going on right now, the duration could be halved in the cycle this market”.
