© Reuters. Bitcoin (BTC) Accumulation Trend Score Hits 3-Year High: Details
U.Today – In a pivotal turn of events for the cryptocurrency space, (BTC) is experiencing one of its biggest accumulation streaks in nearly three years, hitting a remarkable three-year high in the Accumulation Trend Score. Respected crypto analyst Ali Martinez recently brought attention to this trend on X (formerly Twitter), highlighting the growing confidence of larger companies in the cryptocurrency market.
According to Martinez, the Accumulation Trend Score has been close to 1 over the past four months, indicating active accumulation by larger companies and reflecting robust confidence levels in the overall market. In a similar development, as previously reported by U.Today, Bitcoin whales have increased their holdings significantly recently.
Approximately 67 new companies now have holdings of 1,000 BTC or more, representing a significant 4.50% increase in holdings in just two weeks. This surge in accumulation by institutional players underscores the growing optimism about Bitcoin’s lasting potential. Observers are watching these developments closely as institutional interest in Bitcoin grows.
Mood on the Bitcoin market
According to the latest data available, the price of Bitcoin is currently at $42,119, down marginally by 1.72% in the last 24 hours. Nevertheless, the cryptocurrency has shown a positive trend over the last seven days, with an increase in value of 5.17%. BTC's 24-hour trading volume also saw a notable increase of 13.65%, reaching $25.74 billion, indicating increased market activity.
Despite the prevailing positive sentiment, data from Coinglass suggests significant liquidations in Bitcoin, totaling $58.52 million. Of these liquidations, $45.91 million is from long positions while $12.62 million is from short positions. This data suggests some level of volatility in the market, even as institutional investors continue their ongoing accumulation of Bitcoin.
As institutional interest in Bitcoin continues to grow, the continued increase in overall accumulation not only bolsters confidence in the present, but also holds the potential to contribute significantly to the long-term stability and growth of the broader market. The complicated balance between accumulation, liquidations and market trends will undoubtedly be closely watched in the coming days.
This article was originally published on U.Today
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