Recent data from CryptoQuant indicates that Bitcoin accumulation addresses have seen significant growth, reflecting a high level of confidence among long-term holders.
Analysis of Accumulation Wallets
According to CryptoQuant, an additional $3.3 billion in BTC has entered accumulation addresses, bringing the total to 2.91 million BTC. These addresses are typically associated with long-term holders, indicating a preference for holding rather than trading.
Realized Price Trends
The average entry price for these accumulation wallets is around $64,000, suggesting a strong belief in the long-term value of Bitcoin. Statistics indicate that, despite volatile market conditions, accumulation continues to rise.
Decrease in Exchange Reserves
Charts from CryptoQuant show that Bitcoin reserves on exchanges have decreased to below 2.5 million BTC since the start of 2024. This occurs alongside Bitcoin prices rising above $105,000, indicating reduced selling pressure.
The increase in Bitcoin reserves in accumulation wallets and the simultaneous decline in exchange reserves highlight the current market dynamics. Long-term holders continue to demonstrate confidence, which may lead to further price growth.
