Bitcoin enthusiasts demonstrated their unwavering faith in the cryptocurrency by adding a staggering $1.7 billion worth of BTC to accumulation wallet addresses in just one day. This occurred as the price of Bitcoin dropped below $63,000 earlier this week. According to data from CryptoQuant, more than 27,700 BTC, equivalent to $1.75 billion at current prices, was sent to accumulation addresses between April 16 and 17. This sets a new record for daily Bitcoin accumulation, surpassing the previous record of 25,500 BTC sent to accumulation addresses on March 23. The continuous influx of Bitcoin into accumulation addresses indicates that large, committed investors maintain their confidence in accumulating and holding the cryptocurrency for the long term.
Accumulation addresses are Bitcoin wallets that have not recorded any previous withdrawals and hold a balance of over 10 BTC. These addresses have been carefully selected to exclude wallets associated with Bitcoin miners and crypto exchanges. Additionally, these addresses must have shown activity within the past seven years.
Market analysts, including the pseudonymous trader Rekt Capital, have suggested that the current period may be the last opportunity for investors to acquire Bitcoin at “bargain prices” before a post-halving rally. In a post to their 453,000 followers on April 17, Rekt Capital pointed out that the price action of Bitcoin is following a similar pattern to previous halving cycles. They explained that the recent dip, which saw BTC fall over 14% from its all-time high of $73,600 on March 13, is a expected pre-halving retrace. Rekt Capital predicted that Bitcoin could enter a re-accumulation phase after the halving event, which is scheduled for April 20.
Rekt Capital further noted that historically, this re-accumulation phase has lasted slightly over a year (around 385 days), but with a potential accelerated cycle occurring in the current market, this figure may be halved.
In related news, the upcoming Bitcoin halving event is expected to have a positive impact on the gaming industry. Web3 Gamer, a prominent figure in the gaming community, revealed that the halving event will likely result in increased demand for Bitcoin-powered games.