Bitcoin enthusiasts who are committed to long-term investment strategies recently added a staggering $1.7 billion worth of BTC to accumulation wallet addresses in just one day. This occurred as the price of Bitcoin dropped below $63,000 earlier this week. According to data from CryptoQuant, over 27,700 BTC, which is equivalent to $1.75 billion at current prices, was sent to accumulation addresses within a 24-hour period between April 16 and 17. This sets a new daily record for Bitcoin, surpassing the previous record of 25,500 BTC sent to accumulation addresses on March 23 when Bitcoin was also priced around $63,500. This significant increase in Bitcoin being sent to accumulation addresses suggests that large investors remain confident in accumulating and holding Bitcoin for the long term.
Accumulation addresses are Bitcoin wallets that have not made any previous withdrawals and hold a balance of over 10 BTC. These addresses have been carefully selected to exclude wallets associated with Bitcoin miners and crypto exchanges. Additionally, these addresses must have shown activity at some point in the past seven years.
Several market analysts, including the pseudonymous trader Rekt Capital, have indicated that the early months of this year may be the last opportunity for investors to purchase Bitcoin at discounted prices before a post-halving rally occurs. In an April 17 post to their 453,000 followers on Twitter, Rekt Capital noted that the current Bitcoin price movement is following a pattern similar to previous halving cycles. They explained that the recent dip in Bitcoin’s price, which resulted in a decrease of over 14% from its all-time high of $73,600 on March 13, is a expected part of a “pre-halving retrace.” Rekt Capital predicted that Bitcoin may enter a “re-accumulation phase” after the upcoming halving event scheduled for April 20. They also suggested that this phase, historically lasting around 385 days, may be shorter due to the potential for an accelerated market cycle.
In related news, Web3 Gamer anticipates that the Bitcoin halving event will have a positive impact on the gaming industry. They reveal a “simple” secret that suggests games will benefit from this event.