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Cryptocurrency News Articles

Bitcoin's Surge Hints at Growing Accumulation

Mar 26, 2024 at 01:07 am

Bitcoin (BTC) has regained the $70,000 mark on March 25, driven by renewed accumulation. This surge in demand has led to a nine-year low in BTC supply on Coinbase, a leading cryptocurrency exchange.

Bitcoin's Surge Hints at Growing Accumulation

Is Bitcoin's Resurgence a Sign of Growing Accumulation?

After a brief dip below $70,000, Bitcoin (BTC) has reclaimed the milestone, buoyed by a renewed surge in accumulation. As a result, Coinbase, a major cryptocurrency exchange, has witnessed a nine-year low in BTC supply.

Coinbase BTC Supply at a Nine-Year Low

On March 18, BTC reserves on Coinbase hit a meager 344,856 BTC, according to data provider Glassnode. This suggests that investors are once again accumulating BTC off exchanges, a trend not seen since 2015.

Accumulation Addresses Nearing Record Highs

The total Bitcoin balance in accumulation addresses, defined as those with over 10 BTC and limited ties to exchanges or mining firms, has rebounded to over 3.2 million BTC, approaching its all-time peak.

Inflows to Accumulation Addresses Hit Record

Adding to the accumulation trend, Bitcoin inflows to accumulation addresses reached a new all-time high of 25,300 BTC on March 22. This indicates that large investors are anticipating further upside potential after the recent price correction.

Exchange Reserves at Three-Year Low

Overall, Bitcoin reserves on all exchanges have dwindled to a three-year low of 1.92 million BTC. This suggests that the supply of BTC on exchanges is at historic lows, potentially providing further fuel for price appreciation.

ETF Inflows Bolstering Demand

The demand for Bitcoin is also being fueled by inflows into exchange-traded funds (ETFs). These funds have attracted billions of dollars in recent months, increasing the demand for BTC.

Conclusion

The resurgence in Bitcoin accumulation, coupled with the dwindling supply on exchanges and strong demand from ETFs, suggests that the cryptocurrency may have further room to run. However, it's important to note that cryptocurrency markets are volatile, and investors should conduct their own research before making any investment decisions.

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