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Bitcoin’s price performance over the past week has been a source of concern for much of the crypto community. This is largely true for other cryptocurrencies on the market, with some large tokens reversing recent gains.
However, some investors are viewing the recent price drop as a rare opportunity in a bull market as they continue to load up their bags with their chosen assets. Specifically, the latest on-chain data shows significant buying activity among certain tiers of investors.
25,000 BTC flows into the storage address in one day
Prominent cryptocurrency commentator Ali Martinez revealed through a post on This number represents the highest amount transferred to these wallets in a single day. As of 2023.
The metric we are looking at here is inflows to storage addresses on the Bitcoin blockchain. For context, a Bitcoin accumulation address is an address that maintains a balance of at least 10 BTC with zero outgoing transactions.
A chart showing the inflows to Bitcoin accumulation addresses | Source: Ali_charts/X
However, this classification does not include digital wallets linked to centralized exchanges and miners, and does not include those with less than two non-dust inbound transfers. Additionally, addresses that have been inactive for more than seven years are not included.
The increased flow of coins into this class of wallet addresses is evidence of significant BTC accumulation by companies that view cryptocurrencies as long-term investments. This indicates that certain big money players are hoarding Bitcoin in anticipation of its potential increase in value.
Additionally, this significant acquisition by long-term investors highlights the increasing adoption of Bitcoin as a store of value. On the other hand, this could be an indicator of bullish price action in the short term.
Bitcoin price overview
At the time of writing, Bitcoin is worth $64,636, reflecting a price increase of just 1% over the past 24 hours. This price movement is somewhat negligible considering the significant retracement of major cryptocurrencies earlier this week.
According to data from CoinGecko, the price of BTC has fallen by 2.4% over the past week. Meanwhile, the market leader is currently about 13% off its all-time high of $73,798.
However, Bitcoin prices generally performed well in March, topping a record high of $69,000 just over a week ago. And with a market capitalization of $1.26 trillion, his BTC remains the largest cryptocurrency in the space.
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
