Bitcoin Buffs Buy Big: $1.6 Billion Worth in a Day

Despite recent market dips, some investors are seeing this as a buying opportunity.

Accumulation Addresses Overflowing

On March 22, over 25,000 BTC ($1.6 billion) was transferred to accumulation addresses, the highest daily amount this year. These addresses are typically held by long-term investors who believe in Bitcoin’s future value.

What Accumulation Addresses Tell Us

Accumulation addresses have zero outgoing transactions and a balance of at least 10 BTC. They exclude exchange and mining wallets and have less than 2 incoming transfers. This indicates that big players are accumulating Bitcoin for the long haul.

Bitcoin Price Outlook

As of writing, Bitcoin is at $64,636, up 1% in the past 24 hours. While this is a small gain, it’s a sign of recovery after the recent dip. Bitcoin is still down 2.4% over the past week and 13% from its record high of $73,798. However, it’s worth noting that Bitcoin has had a positive March overall, surpassing its previous all-time high of $69,000.