|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin Accumulation Frenzy Resumes as $1.3B Worth of BTC Exits Crypto Exchanges
Sep 17, 2024 at 12:30 am
Data from IntoTheBlock has revealed a new accumulation trend amongst Bitcoin investors. According to the financial service platform, roughly $1.29 billion worth of BTC has exited various Centralized Exchanges (CEXs) in the last week.
Bitcoin investors are accumulating the cryptocurrency once again, with reports indicating that approximately $1.3 billion worth of BTC has been withdrawn from various crypto exchanges.
This signals a renewed interest and confidence in the leading cryptocurrency, especially after a period of price declines and market bearishness.
Bitcoin Accumulation Trend Resumes
Data from IntoTheBlock has revealed a new trend among Bitcoin investors, with roughly $1.29 billion worth of BTC exiting various Centralized Exchanges (CEXs) in the last week.
This development indicates a shift in investors’ sentiment from a previously bearish stance. Just this September, Bitcoin has experienced severe price fluctuations and volatility, raising concerns among investors about the cryptocurrency’s future outlook. There have even been reports of liquidation in the market, with analysts noting that September is historically a bearish period for the crypto market.
However, with Bitcoin now seeing renewed momentum and experiencing a price surge above the $60,000 mark, investors’ interest in the cryptocurrency has resurged.
According to IntoTheBlock’s report, the majority of Bitcoin outflows, amounting to 12,420 BTC, from crypto exchanges occurred on Tuesday, September 10. During this time, the price of the cryptocurrency had been trading below $60,000, suggesting that investors were accumulating in anticipation of a potential price surge.
Later on, Bitcoin holders began selling their holdings and taking profits around Friday, September 13. ITB’s data also revealed that 82% of BTC investors are currently making gains, while 13% are in loss.
Interestingly, this accumulation trend has extended its influence towards Bitcoin whales. In an X (formerly Twitter) post on September 14, popular crypto trader, Ash Crypto, unveiled a lofty Bitcoin transaction involving the purchase of 1,062 BTC, valued at $64 million by an anonymous whale.
With the new Bitcoin addition, the unidentified whale now holds a whopping 10,043 BTC, worth approximately $600 million, based on exchange rates at the time. This move by the whale is also an indication that the market is transitioning into a more bullish and positive sentiment. This trend is common after a market correction or a decline in a cryptocurrency, where prices have reached a perceived low.
Will BTC’s Price Hit $75,000?
The recent spike in Bitcoin accumulation suggests that investors are now looking favorably at the cryptocurrency, possibly anticipating a price increase in the future. This new trend could potentially trigger a rally to new all-time highs around $75,000 if it continues.
Earlier this year, when Bitcoin accumulation was at one of its highest, the price of the cryptocurrency had surged to its current all-time high of above $73,000. This bullish development could reoccur as demand and interest in the cryptocurrency surges.
Although Bitcoin saw a rise above $60,000 over the past week, its price is now down by 2.37% and currently trading at $58,739, according to CoinMarketCap.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Ethereum (ETH) Whales Dump Dogecoin (DOGE) and Actively Double Their Holdings in ETFSwap (ETFS) Tokens Presale Targeting 20,000% Rally
- Sep 19, 2024 at 08:20 am
- The prospect of generating wealth from the crypto market and traditional financial instruments is possible through the ETFSwap (ETFS) platform’s tokenized ETFs and real-world assets.
-
- Bitcoin (BTC) Price Pumps 1.55% Following Big Economic News
- Sep 19, 2024 at 08:20 am
- Bitcoin's price has seen a 1.55% pump over the past hour. At publication, BTC is trading at $60,480.58. This price rise has happened because of major economic developments in the United States.
-
- Claim Your COREx Network Tokens: Airdrop Guide Available
- Sep 19, 2024 at 08:20 am
- Getting your crypto COREx Network tokens is simple! Just follow these simple steps and start using your tokens right away.
-
- New Jersey Makes Bold Move to Exempt Sales Tax on Precious Metals Transactions Effective January 1st of 2025
- Sep 19, 2024 at 08:20 am
- BOONTON, NJ / ACCESSWIRE / September 18, 2024 / On September 12, 2024, New Jersey made the bold move that's sure to excite collectors, investors, and precious metal enthusiasts.
-
- Scott Mills and Sam Vaughan win Celebrity Race Across the World
- Sep 19, 2024 at 08:20 am
- The pair beat Ted Lasso actor Kola Bokinni and his cousin Mary Ellen Moriarty to the base camp of the Osorno Volcano in Frutillar, Chile
-
- Claim Your Bored Ape Yacht Club Airdrop: A Step-by-Step Guide
- Sep 19, 2024 at 08:20 am
- Welcome to the ultimate guide on gaining free Bored Ape Yacht club through airdrops. If you want to expand your crypto assets without investing, you're in the right place.
-
- Binance Supports Terra Classic (LUNC) Ecosystem in Its Next Tax2Gas Update
- Sep 19, 2024 at 08:20 am
- Binance, the world's largest exchange by trading volume, has announced that it would support the Terra Classic ecosystem in its next Tax2Gas update.
-
- New Jersey Becomes 46th State to Exempt Sales Tax on Precious Metals
- Sep 19, 2024 at 08:20 am
- BOONTON, NJ / ACCESSWIRE / September 18, 2024 / On September 12, 2024, New Jersey made the bold move that's sure to excite collectors, investors
-
- MultiversX (EGLD) Token Attained Momentum and Exhibited a Rebound from Its Demand Zone of $23
- Sep 19, 2024 at 08:20 am
- MultiversX (EGLD) token recently attained momentum and exhibited a rebound from its demand zone of $23. This recent shift in EGLD price suggested a potential