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Bitcoin holders have once again reaffirmed their beliefs in the flagship cryptocurrency despite recent price declines. Recent data shows that Bitcoin's cumulative addresses have hit an all-time high (ATH) amid the current downward trend in the market.
Bitcoin Inflow Reaches Historic Highs
Data from the on-chain analytics platform CryptoQuant reveals that over 27,700 BTC was transferred to cumulative addresses between April 17th and April 19th. In terms of daily Bitcoin inflow to these addresses, this marks an all-time high (ATH).
Previously, the highest amount of BTC sent to these addresses in a single day was 25,500, recorded earlier this year on March 23rd. Interestingly, the record on April 21st comes about a month after Bitcoin inflows into the market. Cumulative addresses hit an ATH of 25,300 on March 21st, worth 300 BTC.
Cumulative addresses refer to wallets holding over 10 BTC that have not been involved in outgoing transactions. Accounts belonging to centralized exchanges and Bitcoin miners are excluded from this category. Additionally, these addresses must have received two incoming transactions, with the most recent one occurring within the past seven years.
These addresses can be considered the most bullish on Bitcoin, and the ongoing accumulation trend of these long-term holders reflects their confidence in the flagship cryptocurrency. Furthermore, they are believed to position themselves in a leading role as bulls run, as Bitcoin may never fall to these price levels once it fully takes off.
Meanwhile, Ki Young Ju, CEO of CryptoQuant, also emphasized the significance of this development, noting that despite increasing demand for cryptocurrencies, on-chain accumulation remains "very active." Spot Bitcoin ETFs have been stagnant for four weeks. This suggests that Bitcoin bulls may help fill the demand gap left by these ETFs.
Bitcoin Price Shows Strength
Following reports of Bitcoin breaking below the $60,000 support level due to retaliatory attacks from Israel against Iran, the flagship cryptocurrency displayed strength, quickly rebounding above the $60,000 mark. This is significant considering how Bitcoin and the broader cryptocurrency market rapidly declined following Iran's attack on Israel on April 13th.
Furthermore, the rapid recovery in price indicates that Bitcoin has established strong support in the $60,000 price range, suggesting a parabolic rise could occur once the consolidation period ends. Cryptocurrency analyst Crypto Rover recently commented on Bitcoin's future trajectory, stating that the cryptocurrency is poised to "make waves" soon. |
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Post time 26-4-2024 13:39:16