Bitcoin addresses bring in $1.6 billion in BTC in a single day – price recovery soon? — TradingView News

Bitcoin’s price action over the past week has been a cause for concern for the majority of the crypto community. This has largely been the case with other cryptocurrencies in the market, with several large-cap tokens reversing their recent gains.

However, some investors see the recent price drop as a rare opportunity in the bull market as they continue to line their pockets with assets of their choice. Notably, the latest on-chain data shows significant buying activity among a particular class of investors.

25,000 BTC flow into collective addresses in one day

Prominent crypto expert Ali Martinez announced in a post so far in 2023.

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 no outgoing transactions and has a balance of at least 10 BTC.

NewsBTC

However, this classification excludes digital wallets linked to centralized exchanges and miners and has less than 2 incoming transfers without dust. Additionally, addresses that have had no activity for more than seven years are not taken into account.

The increased inflow of coins into this class of wallet addresses is evidence of the significant accumulation of BTC by companies that view the cryptocurrency as a long-term investment. This suggests that certain large corporations are accumulating Bitcoin in anticipation of possible appreciation.

Additionally, this significant adoption by long-term investors underscores the increasing acceptance of Bitcoin as a store of value. Meanwhile, it could be an indicator of bullish price movement in the short term.

Bitcoin price overview

As of this writing, Bitcoin is worth $64,636, up just 1% in the last 24 hours. This price change is rather negligible given the leading cryptocurrency's sharp decline earlier in the 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% away from its record high of $73,798.

However, the Bitcoin price trend was overall positive in March, surpassing this previous all-time high of $69,000 just over a week ago. And with a market cap of $1.26 trillion, BTC maintains its position as the largest cryptocurrency in the industry.

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