There is a bullish signal for Bitcoin based on on-chain data. The inflows of Bitcoin into “accumulation wallets” have reached a new all-time high. These accumulation addresses meet specific criteria, including having no outgoing transactions, a minimum balance of 10 BTC, not being associated with centralized exchanges or miners, and having received more than two incoming transfers within the past seven years.
The recent spike in inflows has seen a record of 25,300 BTC (approximately $1.3 billion) flowing into these wallets, indicating significant buying activity by long-term holders. The trend of increasing inflows coincides with the approval of spot ETFs (Exchange-Traded Funds), suggesting institutional buying may be a contributing factor.
The accumulation of Bitcoin by these holders is seen as a positive sign, potentially reducing the available supply in the market. However, it’s noted that Bitcoin’s price has experienced a decline in the past 24 hours, retracing toward the $51,100 mark.
Source: BITCOINST
