Hardcore Bitcoin (BTC) holders added a record $1.7 billion worth of BTC to ‘accumulation’ wallet addresses in a single day as the price of Bitcoin fell below $63,000 earlier this week.
More than 27,700 BTC — worth $1.75 billion at current prices — was sent to accumulation addresses in a single 24-hour period between April 16 to 17, a new daily record for Bitcoin, per the latest data from CryptoQuant.
The previous record — where 25,500 BTC was sent to accumulation addresses in a single day — was notched on March 23 this year, when the price of Bitcoin was also hovering around the $63,500 mark.
This data shows that there has been an elevated level of motivated buying around the $63,000 range — suggesting that large, dedicated investors maintain their confidence in accumulating and holding Bitcoin for the long term.
An accumulation address is a Bitcoin wallet that shows no previous withdrawals and holds a balance of over 10 BTC. These addresses have been screened to exclude wallets known to be affiliated with Bitcoin miners and crypto exchanges.
These addresses must have also been active at some point in the last seven years.
Related: Is Bitcoin’s negative futures funding rate a sign of an upcoming BTC price crash?
Several market analysts including pseudonymous trader Rekt Capital have suggested that the first few months of this year may be the last time investors can pick up Bitcoin at “bargain prices” before a post-halving rally event.
In an April 17 post to their 453,000 X followers, Rekt Capital said that Bitcoin price action was currently playing out in a similar pattern to previous halving cycles.
Rekt explained that the recent dip — which has seen BTC tumble more than 14% from its all-time high of $73,600 on March 13 — was an expected part of a “pre-halving retrace.”
They predicted that Bitcoin could enter into a “re-accumulation phase” following the halving event — currently slated for April 20.
“Once Bitcoin breaks out from the re-accumulation area breakout into the parabolic uptrend.”
“Historically, this phase has lasted just over a year (~385 days) however with a potential Accelerated Cycle occurring right now, this figure may get cut in half in this market cycle,” added Rekt.
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