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Bitcoin Accumulation Wallets Reach $68 Billion with 1.7 Million BTC as Price Exceeds $42,000
The price of Bitcoin has risen above $42,000 after previously falling below the $39,000 mark earlier this week.
BTC Price Chart | Source: Coinstats
Additionally, the value of Bitcoin accumulation wallets has climbed to $68 billion, despite the recent negative price trends.
#Bitcoin accumulation wallets now hold 1.7M $BTC, valued at $68B. pic.twitter.com/t24v8nSVbl
— Ki Young Ju (@ki_young_ju) January 26, 2024
The increased selling pressure on Bitcoin raised concerns, yet the overall market sentiment remains optimistic.
This is reflected in the Bitcoin accumulation wallets, which currently contain an impressive 1.7 million BTC, valued at $68 billion, as reported by CryptoQuant’s CEO Ki Young Ju.
This trend indicates a robust confidence and increasing trust in the primary cryptocurrency among investors.
The inclination to hold Bitcoin as a store of value or for long-term investment is apparent, bolstered by the significant amounts held in accumulation wallets.
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See Also: Bitcoin (BTC) Will Continue To Drop In Price: Arthur Hayes
Beyond demonstrating investor confidence, the accumulation pattern in Bitcoin also suggests a decrease in market supply, which could lead to price increases.
Importantly, Bitcoin inflows into accumulation wallets have reached a five-year high, including transfers to custodial services like Coinbase Custody, marking another key milestone in the cryptocurrency’s development.
$BTC inflows to accumulation wallets hit a 5-year peak, including transactions to custodial services like Coinbase Custody. pic.twitter.com/fW9DO9KdJl
— Ki Young Ju (@ki_young_ju) January 26, 2024
The recent downward pressure is largely due to increased selling activity by major Bitcoin holders, such as sharks and whales, who are looking to capitalize on their profits by selling their assets in the trading markets.
Nevertheless, the consistent accumulation by other entities is likely to elevate Bitcoin’s value as it approaches the fourth halving event scheduled for April this year.
At the same time, the number of active Bitcoin addresses has exceeded 1 million, indicating a rise in participation and utilization of the cryptocurrency.
Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
The post BTC Price Soars Above $42K as Bitcoin Accumulation Wallets Now Worth $68B with 1.7M BTC appeared first on BitcoinWorld.
