Investors Accumulate as Bitcoin Dips: Record Transfer to Long-Term Wallets

Despite bitcoin dipping more than 14% over the past week, insights from cryptoquant.com and the company’s founder and CEO, Ki Young Ju, reveal an intriguing trend: a large volume of bitcoin has been transferred to long-term holder addresses over the last 30 days. These recent statistics suggest that some investors are seizing the current price as a golden opportunity to stock up and hold onto their bitcoin for the long haul.

Record Bitcoin Transfer to Long-Term Wallets Despite Market Turmoil

Bitcoin had a rough ride this week, dipping to $49,577 per unit on Aug. 5, 2024. This drop led to a wave of liquidations in the crypto derivatives markets, with over $1 billion in both long and short positions being swept away.

As prices tumbled, it appears that long-term holders took advantage of the market chaos, snapping up significant amounts of bitcoin. Cryptoquant CEO Ki Young Ju shed light on this trend the day following Monday’s market turmoil.

“I’m pretty sure something is happening behind the scenes,” he wrote on X. “404,448 bitcoin have moved to permanent holder addresses over the past 30 days, and it’s clearly accumulation. We’ll know within a year.”

Statistics from cryptoquant.com’s permanent holder addresses data over 30 days, show the metric reached an all-time high. It eclipsed the previous high of 322,690 BTC transferred to long-term wallets on March 25, 2024.

To some crypto proponents, this unique movement of bitcoin into long-term storage suggests rising confidence among investors, even amid recent market swings. With this metric reaching new records, it points to a calculated strategy by holders, who see the current price dip as a brief pause in bitcoin’s long-term rise.

What do you think about long-term holders accumulating bitcoin in great quantity? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn