Bitcoin Surges to Record Levels in Super Holders’ Wallets

Recent data analysis reveals a notable surge in Bitcoin accumulation among super holders, indicating a strategic move preceding the cryptocurrency’s price surges. According to insights shared by Ki Young Ju, CEO of CryptoQuant, Bitcoin inflows into accumulation addresses have reached an unprecedented high of 25,300 BTC.

The surge in accumulation addresses is defined by specific criteria. These addresses exhibit no outgoing transactions, maintain a balance exceeding 10 BTC, exclude accounts associated with centralized exchanges or miners, have received more than two incoming transactions, and have seen activity within the last seven years.

Data presented in a graph by the analyst illustrates a consistent pattern: accumulation peaks just before Bitcoin’s price hits its maximum. This strategic accumulation suggests a calculated effort by significant holders to amass Bitcoin holdings well in advance of price surges, rather than at the precise moment of market highs.

#Bitcoin inflows into accumulation addresses have reached an all-time high of 25.3K $BTC.https://t.co/HrkV3TUGJT pic.twitter.com/FSLUHNlVCZ

— Ki Young Ju (@ki_young_ju) February 21, 2024

This trend occurs with Bitcoin’s current price sitting 34% below its all-time high of $69,000. However, it is crucial to note Ki Young Ju’s observation regarding Bitcoin’s Price drawdown. The all-time high for this metric, which measures the decline in price from its peak, stands at only 23%.

The strategic accumulation observed among Bitcoin super holders underscores the complex dynamics at play within the cryptocurrency market. As BTC continues to be closely watched by investors and analysts alike, such patterns of accumulation provide valuable insights into market behavior and potential future price movements.

Overall, the surge in Bitcoin accumulation within super holders’ wallets suggests bullish sentiment and strategic positioning among major players in the cryptocurrency space.

Source