ETFs drive Bitcoin price target to $100K, marking the end of accumulation phase.

Bitcoin (BTC) appears to be ending its year-long accumulation phase that began after the bear market in 2022, according to data from on-chain analytics firm Glassnode. Accumulation addresses, which are wallets with no outgoing transactions and at least two inbound transactions, are showing a decline in the number of BTC held. This trend started on February 11, coinciding with Bitcoin reaching $48,000, and has resulted in a 2.6% decrease in accumulator balances to 3,176,293 BTC ($212 billion). However, this decline in exposure does not necessarily indicate a bearish trend. Historically, accumulator wallets have accumulated coins at a discount and only started selling at the start of parabolic uptrends. Looking at the balances throughout Bitcoin’s existence, there has been a broader accumulation trend since mid-2018, contrasting with a significant reduction prior to that period. The launch of US spot-Bitcoin ETFs in January has had a unique impact on supply dynamics, and some analysts believe that ETF demand could propel Bitcoin to $100,000 by October 2024. However, it is important to note that this article does not provide investment advice and readers should conduct their own research before making any investment decisions.