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There has been a shift in Bitcoin accumulation patterns with a surge in net inflows to the largest wallets despite the prevailing market sentiment of FUD.The data revealed that holders with control of at least 0.1% of the total Bitcoin supply increased their holdings by 7,130 BTC in a single day, with the stash worth around $436 million.
Large holders managed to take advantage of this dip by adding 7,130 BTC to their wallets, thereby recording their highest net inflows since late May. Such an accumulation trend amid the market downturn highlighted the confidence of major investors in bitcoin’s price trajectory, which is currently under tremendous pressure.While concerns remain for more losses, data also suggests that signs of local bottoms have emerged. According to CryptoQuant, these signs for BitcoinThe correction on Monday was even more pronounced, which further backed this possibility as the on-chain intelligence platform.
Meanwhile, for short-term holders, bitcoin’s price has dipped below the realized price of $62.6k, placing this group in slightly negative average profitability. Historically, this level has served as support during local corrections within broader uptrends. There are several factors at play influencing BTC’s price action. Be it the US macroeconomic data, particularly due to uncertainties surrounding American monetary policy, which impacts investors’ risk appetite. Upcoming data releases, including GDP and initial jobless claims on Thursday and inflation data on Friday, are all expected to influence market sentiment in the short-term.Best AI Crypto Coins in 2024: Top 9 Projects to WatchOne Weekly Email Can Change Your Crypto Life.
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