Bitcoin addresses witness $1.6 billion surge in BTC: unprecedented growth in a single day
Bitcoin’s recent performance is causing worry among the crypto community. This also holds true for other digital currencies in the market, as many have seen their previously gained profits slip away.
Despite the recent drop in value, some traders view this as a unique opportunity in the bullish market. They are continuing to fill their portfolios with their preferred assets. Specifically, recent on-chain data shows strong purchasing activity among a particular group of traders.
Record Bitcoin movement to long-term wallets
In a post on X, leading crypto expert Ali Martinez shared that over 25,000 BTC (about $1.6 billion) was transferred into accumulation addresses on Friday, March 22. This number is the largest amount moved to these wallets in a single day in 2023.
What’s interesting about this situation is the increase in Bitcoin accumulation addresses. A Bitcoin Accumulation Address is simply an address that has no outgoing transactions and keeps a balance of at least 10 Bitcoins.
#Bitcoin has just witnessed its biggest surge in dormant $BTC tokens changing hands in more than two years, signaling a potential increase in price volatility ahead. pic.twitter.com/8tLXOrVI8U
— Ali (@ali_charts) March 23, 2024
This category, however, doesn’t include online wallets connected to central exchanges and miners and those that have received less than 2 non-dust deposits. It also doesn’t account for addresses that have been inactive for more than seven years.
The increased amount of money being put into these wallet addresses indicates significant BTC accumulation by those who see the crypto as a long-term investment. It suggests that certain big investors are gathering Bitcoin, expecting its value to increase. Not only does this significant purchase by long-term investors highlight the increasing acceptance of Bitcoin as a means to store value, but it also might suggest a positive price movement shortly.
At the time of this article, Bitcoin is worth $69,634.80, showing a 3.62% increase in the last 24 hours. Despite everything, Bitcoin’s performance was positive overall in March, exceeding its previous record high of $69,000 just a week ago. With a market cap of $1.26 trillion, BTC continues to lead as the biggest cryptocurrency.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
