Bitcoin accumulation phase ends as ETFs fuel new $100K BTC price target.
Bitcoin has emerged from a mass accumulation phase in the past month — a classic move ahead of parabolic BTC price upside.
Bitcoin BTC tickers down $66,807 is ending a year-long accumulation spree that began at the end of the 2022 bear market, data suggests.
Figures from on-chain analytics firm Glassnode show BTC in accumulation addresses declining for the first time since the first quarter of 2023.
Bitcoin hitting all-time highs this week may have sparked an instant sell-off, but behind the scenes, hodlers are already busy taking profits.
Glassnode shows that coins held in so-called “accumulation addresses” — wallets with no outgoing transactions and at least two “non-dust” inbound ones — are dropping.
Beginning Feb. 11, the turnaround began breaking with a year-long tradition and came as BTC/USD returned to $48,000 — the top of a key long-term trading range.
Since then, accumulator balances have fallen 2.6% to 3,176,293 BTC ($212 billion) and show no sign of reversing.
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