Skip to main content

Data Shows Bitcoin Addresses in Accumulation Captures Fresh New Highs

Data Shows Bitcoin Addresses in Accumulation Captures Fresh New Highs

After bitcoin prices dipped to a low of $30,066 per unit last week, lots of people have been focused on the panic sellers. Meanwhile, when bitcoin prices plunged, the number of bitcoin addresses in accumulation tapped an all-time high at 545,115 addresses.

Number of Bitcoin Accumulation Addresses Hit New Highs

Bitcoin (BTC) prices slid from a $64,895 per unit high to a low of $30,066 per bitcoin in 30 days losing more than 53% in value. When the price plunge took place data from Glassnode’s bitcoin “accumulation addresses” spiked.

The number of bitcoin addresses in accumulation shows fundamental strength signals and gives investors a perspective of long-term holders. Glassnode’s data reflects addresses with little to no incoming transactions, as opposed to addresses that are more active.

Data Shows Bitcoin Addresses in Accumulation Captures Fresh New Highs

Nine months ago, Glassnode reported on accumulation addresses reaching the 500k mark. “There are over 500,000 Bitcoin ‘accumulation addresses’ holding a total of 2.6 million BTC (~14%). Accumulation addresses: – have 2+ incoming txs – never spent BTC – were active in the past 7 years (accounting for lost coins) – exchanges & miners are excluded,” the analytics firm said at the time.

The current number of bitcoin addresses in accumulation recorded on Monday, May 24, 2021, was approximately 545,115 addresses, according to Glassnode stats.

Data Shows Bitcoin Addresses in Accumulation Captures Fresh New Highs

Glassnode’s “The Week On-Chain” highlights “anecdotal indicators” from Bixen’s Mustafa Yilham recent tweet storm that alluded to miner sell pressure stemming from China.

“Observing the spending of miner coins demonstrates that whilst there is an uptick in miner-to-exchange flows,” Glassnode’s report notes. “Up from 100 BTC/day to 300BTC/day, this still represents a relatively small portion of the ~900BTC/day issuance,” the researchers said.

More than 16,000 addresses have been added to the sum of bitcoin addresses in accumulation since the first week of May. Following the dip to $30,066, bitcoin addresses in accumulation jumped higher.

What do you think about the number of bitcoin addresses in accumulation stats? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3ulDx2L
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more