- Bitcoin accumulator addresses have surged to 262K, doubling over the past two months.
- These wallets added 375,000 BTC in 30 days, with 50K BTC bought on November 5 alone.
- Despite ETF outflows and price pressure from short-term holders, long-term buyers continue absorbing supply.
Bitcoin believers are hastening their holdings, and this is an indication that people have faith in the BTC. Market analysts have just announced that there are more than 262,000 accumulator addresses for Bitcoin, more than twice as many as two months ago, when they reached only 130,000.
CryptoQuant analyst ‘Darkfost’ highlighted this sudden spike and has actually been monitoring this drastic trend for two months, indicating a huge shift in the way large investors are holding this asset.
Bitcoin Whales Accumulate 375K BTC
At the same time, as there has been a boost in new accumulator wallets, buying activity has reached its highest point ever. Over a period of 30 days, these wallets have added over 375,000 BTC and secured their positions despite low levels of market participation.
However, the heaviest buying was observed on November 5, as large Bitcoin wallets purchased over 50,000 BTC on one single day when demand was limited and market participants observed price uncertainty.
At the time of writing, Bitcoin is trading at $101,671, trading volume is $ 66.29 billion, and the market cap is $ 2.01 trillion. The price of BTC fell 1.86% over the last 24 hours.
Bitcoin Accumulators Only Buy, Never Sell
Accumulator wallets display a very distinct pattern that differentiates them from other wallets. All of these wallets have at least one transaction that occurred within the previous seven years and can’t be traced back to any kind of exchange, miner, or smart contract. More significantly, these wallets only buy and don’t sell, indicating their faith in BTC’s future potential.
Also Read | Massive $1.73 Billion Liquidation Hits Crypto Market, Bitcoin Drops to 5-Month Low
ETF Outflows Rise as Bitcoin Drops Again
CryptoQuant’s observations indicate that exchange-traded funds could be nurturing a culture of accumulating, especially from institutional investors. But if we consider recent events relating to exchange-traded funds, then the scenario is more complex than previously anticipated.
Since October 10th, it has been observed that short-term holders have become prominent providers of market supply into exchanges. There has been more pressure on prices from these people, but still, long-term buyers have been absorbing available supply through BTC at a quick pace.
Also Read | Metaplanet Strengthens Bitcoin Treasury with $100 Million Loan
