Bitcoin accumulation addresses are witnessing record inflows following Bitcoin’s surge to its all-time high of $69,000 and the subsequent retracement.by CryptoQuant, daily inflows into Bitcoin accumulation addresses have risen to 38,000 BTC, pushing the total holdings of such wallets to record-high levels of 1.5 million BTC.Bitcoin accumulation addresses only acquire BTC and never sell. CryptoQuant said the increase in their digital asset holdings indicates strong demand.
Analysts said the crypto market may be at the beginning of the part of the cycle where new investors buy from older ones at higher prices. This development can be seen in a decline in the Bitcoin supply that has not moved in more than a year, which is currently at 68%, down from 70.5% recorded in November 2023.as BTC prices have increased too fast in relation to key on-chain indicators.
Short-term investors’ unrealized profit margins are currently above extreme levels, hovering at 57%, an uptick from last week’s 32%. Since a profit margin of 40% signals a price correction, analysts anticipate selling pressure from these traders soon. This metric can also indicate a price correction when it goes below its 30-day moving average.
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