Key points:
Bitcoin accumulator addresses grab 375,000 BTC in a month in a new record.
Accumulators added 50,000 BTC as price slipped under $100,000 for the first time in months.
The drawdown from October’s all-time high remains within “normal parameters.”
Bitcoin ( BTC ) accumulation is hitting record levels as a trader plays down the sub-$100,000 BTC price dip.
Data from onchain analytics platform CryptoQuant published on X Wednesday by contributor Darkfost shows buyers adding 375,000 BTC in just one month.
Bitcoin dip-buyers hit 375,000 BTC monthly record
Bitcoin hodlers may be busy distributing their holdings to the market, but there is still plenty of demand among some buyers.
CryptoQuant numbers tracking so-called “accumulator addresses” — wallets that only buy and never sell — show new records being set in October.
“With more than 375,000 BTC accumulated over a 30-day change, these accumulator addresses have just set a new all-time high in BTC purchases,” Darkfost wrote.
On Tuesday, accumulators added 50,000 BTC as the price dropped under the $100,000 mark for the first time since June.
“Even though overall demand has slowed, that is not the case for these investors,” Darkfost observed.
“In less than two months, the monthly average has more than doubled, increasing from 130,000 to 262,000 BTC, demonstrating that this trend is accelerating.”
He added that the US spot Bitcoin exchange-traded funds (ETFs), despite recent outflows , are “very likely accelerating” the accumulation uptrend.
Net outflows passed $500 million Tuesday, with the notable exception of the largest ETF, BlackRock’s iShares Bitcoin Trust (IBIT), which was flat, per data from UK-based investment company Farside Investors.
Trader: Sub-$100,000 BTC dip not “crazy outlier”
As panic grips crypto market sentiment, other analyses show that the situation remains manageable.
Related: Bitcoin ‘bear market confirmed’: Watch these BTC price levels next
By historical standards, Bitcoin’s latest comedown from all-time highs is in fact on the lower end of the scale.
The dip is put in context by data onchain analytics platform Glassnode.
“During this cycle, the typical correction signature has been between 20-25%, with a couple of 30% ish ones. This current correction is at 21%, totally within the normal parameters,” X trader Lourenço VS commented.
“Looking at the current move as this horrible crazy outlier is just not factual. Nothing out of the ordinary here, with HTF structure still intact.”
