BTC holders added a record $1.7 billion worth of BTC to "accumulation" wallet addresses in a single day, as Bitcoin's price fell below $63,000 earlier this week.
More than 27,700 BTC - worth $1.75 billion at current prices - were sent to accumulation addresses in a single 24-hour period between April 16 and 17, a new daily record for Bitcoin, according to the latest data from CryptoQuant.
The previous record - when 25,500 BTC was sent to accumulation addresses in a single day - was broken on March 23 of this year, when Bitcoin's price also hovered around the $63,500 level.
The data shows that the level of incentivized purchases rose around the $63,000 mark - suggesting that large, dedicated investors are maintaining their confidence in accumulating and holding Bitcoin for the long term.
An accumulation address is a Bitcoin wallet that shows no previous withdrawals and holds a balance of more than 10 BTC. These addresses were checked to exclude wallets linked to Bitcoin miners and cryptocurrency exchanges.
The addresses also had to have been active at some point in the past seven years.
Several market analysts, including pseudonymous trader Rekt Capital, have suggested that the first few months of this year may be the last time investors will be able to buy Bitcoin at "bargain prices" before a post-halving rally.
In an April 17 post addressed to 453,000 X watchers, Rekt Capital stated that Bitcoin's price action is currently following a similar pattern to previous halving cycles.
Rekt explained that the recent decline - which saw BTC fall more than 14% from its March 13 peak of $73,600 - was an expected part of the "pre-halving recovery."
They predicted that Bitcoin could enter a "re-accumulation phase" after halving - currently scheduled for April 20.
Translated with DeepL.com (free version)
