The total amount of Bitcoin held in accumulation addresses has surged to over 2.9 million BTC, doubling from 1.5 million at the beginning of the year.
This significant increase, achieved in just 10 months, highlights a growing interest in Bitcoin as both institutional and retail investors strengthen their positions.
The total $BTC amount in #Bitcoin accumulation addresses has surpassed 2.9 million
“On January 1st, these addresses held 1.5 million Bitcoins, but now, in just 10 months, that figure has reached 2.9 million.” – @burak_kesmeci
Read the full post 👇https://t.co/jTa3449hvK pic.twitter.com/si0ZHoLqHy
— CryptoQuant.com (@cryptoquant_com) October 21, 2024
As Bitcoin consolidates near its previous all-time high, more than 320,000 active addresses are engaging at this critical price level. Of these, 220,000 addresses have an average acquisition price around $68.5k, underscoring the strong support and confidence in Bitcoin at this range.
As Bitcoin consolidates near its old all-time high, more than 320,000 active addresses are interacting within this price range.
Notably, 220,000 of these addresses have an average acquisition price around $68.5k, suggesting a strong level of interest and potential support at… pic.twitter.com/GVwPVUhDYV
— IntoTheBlock (@intotheblock) October 21, 2024
Institutional interest has been particularly noteworthy, with BlackRock making headlines last week by purchasing 16,975 BTC, worth approximately $1.17 billion.
This move helped push Bitcoin’s price up by over 8% within a week, signaling that big players are once again betting heavily on the future of the world’s largest cryptocurrency.
Last week, #Blackrock bought a total of 16,975 $BTC($1.17B).
And the price of $BTC rose by more than 8% in the past week! pic.twitter.com/ZRdZeYzIam
— Lookonchain (@lookonchain) October 21, 2024
Bitcoin Spot ETFs Recorded Massive Inflows
Additionally, the Bitcoin Spot ETF market saw massive inflows, totaling $2.13 billion last week, making it the third-largest inflow in history.
BlackRock’s ETF IBIT alone accounted for $1.14 billion, while Fidelity’s Bitcoin ETF FBTC attracted $319 million in net inflows.
These investments reflect growing confidence from institutional investors in Bitcoin’s long-term potential, further boosting market sentiment.
Bitcoin spot ETF had a net inflow of $2.13 billion last week, ranking third in history. BlackRock ETF IBIT had an inflow of $1.14 billion, and Fidelity Bitcoin ETF FBTC had an inflow of $319 million. Ethereum spot ETF had a net inflow of $78.89 million last week.… pic.twitter.com/E0EjZCvmSF
— Wu Blockchain (@WuBlockchain) October 21, 2024
As Bitcoin continues to consolidate at these levels, the accumulation trend indicates strong support, and the inflows from spot ETFs highlight a broader mainstream adoption. With major financial institutions like BlackRock and Fidelity showing increased interest, the future of Bitcoin looks increasingly promising, both as a store of value and a key financial asset for global investors.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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