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.
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.
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.
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.
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.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: flyman147/123RF
The SOL price has surged to well over $200 as its market capitalization exceeded $100…
BNB is already flashing signs of a bearish sentiment despite launching a new stablecoin while…
The crypto market is no stranger to unexpected twists. However, the recent performances of Rollblock,…
Meme coins are back with a bang and are as insanely volatile as ever! Bonk…
Staking has become one of the most effortless ways to generate passive income in the…
Qubetics, Algorand, and Near Protocol: The Best Cryptos to Buy in November 2024—Which One Is…