Key points:
- Bitcoin accumulator wallets set a new record, adding 375,000 BTC in just one month.
- As prices dipped below $100,000 for the first time in months, accumulators scooped up another 50,000 BTC.
- The pullback from October’s all-time high remains well within “normal parameters.”
Bitcoin accumulation has reached record highs as one trader downplays the recent dip below $100,000.
According to on-chain data from CryptoQuant, shared on X Wednesday by contributor Darkfost, buyers have accumulated 375,000 BTC in just one month.
Bitcoin Dip-Buyers Hit Monthly Record
While some long-term holders are distributing their coins, demand among accumulator wallets remains strong.
CryptoQuant data shows that these “accumulator addresses” — wallets that only buy and never sell — hit new all-time highs in October.
“With more than 375,000 BTC accumulated over a 30-day period, these wallets have set a new record for BTC purchases,” Darkfost noted.
On Tuesday alone, accumulators added 50,000 BTC as Bitcoin briefly slipped below $100,000 for the first time since June.
“Even though overall demand has slowed, that’s not the case for these investors,” Darkfost added.
“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 U.S. spot Bitcoin exchange-traded funds (ETFs), despite recent outflows, are “very likely accelerating” the ongoing accumulation trend.
Data from UK-based investment firm Farside Investors shows that net ETF outflows topped $500 million on Tuesday, with one major exception — BlackRock’s iShares Bitcoin Trust (IBIT), which remained flat.
Trader: Sub-$100,000 BTC Dip Not a “Crazy Outlier”
While market sentiment has turned fearful, analysts suggest the situation is far from alarming.
Historically speaking, Bitcoin’s latest drop from its all-time highs is relatively mild compared to previous corrections, according to data from on-chain analytics firm Glassnode.
“Throughout this cycle, Bitcoin’s typical corrections have ranged between 20% and 25%, with a few reaching around 30%,” X trader Lourenço VS noted. “The current 21% pullback is therefore well within normal parameters.”
“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.”
