New onchain data from the Bitcoin network suggests that “accumulator addresses” have been purchasing large amounts of the cryptocurrency recently. Is this a sign of a price boom?
Investors are quietly buying BTC: bullish onchain data
As analyst Ali noted in his new post on These are the addresses of long-time HODLers.
Certain conditions must be met for an address to be included in this cohort. The most characteristic thing is that a given address cannot have registered outgoing transfers. The person behind it just needs to buy BTC and hold it. The address cannot contain more than 10 BTC.
Exchange and miner-related wallets are excluded from this group. Wallets that last received a deposit more than seven years ago are also kicked out of the cohort. Such addresses are generally considered to have been compromised due to lost private keys.
Now let's get to the point. Chart CryptoQuant, shared by user Ali, shows the trend of bitcoin inflow into hodlers' wallets.
As the chart above shows, BTC deposits to hodler addresses have recently been at a very high level. This shows that more experienced investors are buying coins, which can be considered a bullish signal.
On the first day of this month, the indicator reached as much as 21,400 BTC, which at the current cryptocurrency rate means over USD 1.4 billion. This is a significant amount and not far from the ATH of 25,300 BTC, which the indicator reached just a month and a half ago.
Current market situation
Currently, one bitcoin is worth USD 66,757, which means a decrease of 4.5% on a weekly basis and an increase of 0.5% since yesterday. 1 ETH costs USD 3,262, which translates into a decrease of 2.6% per day and 7.9% within 7 days.
