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Bitcoin is currently experiencing a retracement after rising to as excessive as $53,000 on February 20. This current dip has, nonetheless, not deterred Bitcoin whales, with these traders reasonably seeing it as a possibility to build up extra of the flagship crypto token. 

Inflows To Accumulation Addresses Hit All-Time High

Ki Young Ju, the founder and CEO of the on-chain analytics platform Crypto Quant, revealed in an X (previously Twitter) post that inflows into accumulation addresses have reached an all-time excessive (ATH) of 25,300 BTC. Young then highlighted the importance of this incidence as he elaborated on what accumulation addresses are. 

These accumulation addresses are stated to don’t have any outgoing transactions and have a steadiness that exceeds 10 BTC. Accounts belonging to centralized exchanges (CEXs) or miners are additionally excluded from this class of pockets addresses. Meanwhile, these addresses have acquired greater than two incoming transactions, with the latest occurring throughout the final 7 years. 

Simply put, these addresses are essentially the most bullish on Bitcoin and will be considered the last word ‘Bitcoin Diamond Hands.’ This growth additional highlights the growing accumulation trend as extra traders proceed to stack up their BTC holdings forward of the next bull run, which is projected to start after the Halving occasion.  

Interestingly, inflows into accumulation addresses hitting an ATH coincides with Michael Saylor’s assertion that he doesn’t plan on promoting any of his firm’s Bitcoin anytime quickly. According to the tech govt, “Bitcoin is the exit strategy.” Saylor’s MicroStrategy is reported to carry 190,000 BTC BTC in the meanwhile.

Spot Bitcoin ETFs Also See Record-Breaking Day

Bloomberg analyst Eric Balchunas famous in an X publish that the newly listed Spot Bitcoin ETFs (known as ‘The Nine’) recorded their greatest quantity day since Day certainly one of launch. These funds are stated to have seen about $2 billion in mixed buying and selling quantity. 

Balchunas additional talked about that this achievement was largely due to “big contributions” from VanEck ($HODL), WisdomTree ($BTCW), and Bitwise’s ($BITB) Bitcoin ETFs, which all broke their private data. VanEck’s Bitcoin ETF, particularly, saw greater than a 14x enhance in its each day common. 

Highlighting how explosive this was, Balchunas revealed that VanEck Bitcoin Trust ETF recorded 50,000 trades on February 20. Meanwhile, this identical fund had solely seen simply 500 trades on February 16. Interestingly, the Bloomberg analyst famous that these trades had been extra probably from retail traders reasonably than a single “big investor.”

At the time of writing, Bitcoin is buying and selling at round $51,500, down within the final 24 hours, in keeping with data from CoinMarketCap. 

BTC value reaches $51,200 | Source: BTCUSD on Tradingview.com

Featured picture from CNBC, chart from Tradingview.com

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