The number of Bitcoin addresses in accumulation has risen to a record high, as it seems that investors with long-term horizons are taking advantage of the recent price drop to boost their stash.
These figures come to us via Glassnode data.
And it reveals that the count of accumulation addresses climbed to a record for the seventh consecutive day on Monday, taking the total to 545,115. This number has increased by 16,445 since May 8 — a sign of persistent bargain hunting during a time when Bitcoin slid to almost half its value.
From the highs of $58,000 to the lows of $30,000.
Glassnode defines accumulation addresses as ones that have at least two incoming non-dust (tiny amounts of bitcoin) transfers and have never spent funds. In other words, these are long-term holder addresses.
Equally interesting is the fact that the balance held in accumulation addresses has jumped by 30,000 during the same time frame, hitting a two-month high of 2.79 million BTC.
Bitcoin is currently trading just above $38,000, representing a 2% increase on the day.
The world’s most popular cryptocurrency is coming off a torrid time at the market, where one tumble after another led it to fall from an all-time high of nearly $64,000 just a few weeks back. In fact, the crypto market as a whole lost about $460 billion during this downturn.
Bitcoin is in recovery mode right now, and it is this very factor that is enticing investors to buy the dip.
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