1 year ago
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The post Bitcoin Price Surge Above $28 As Accumulation Surges at Rate of 42.2k BTC/Month appeared first on Coinpedia Fintech News
The Bitcoin market’s dominance continued to strengthen against altcoins, reaching 51 percent on Tuesday. Bitcoin bulls are showing signs of a rally beyond $28k, resulting in increased appetite among whales.
Furthermore, prominent asset management firms BlackRock and Fidelity have recently filed for a Bitcoin ETF with the United States Securities and Exchange Commission (SEC), aiming to provide their institutional client’s exposure to digital asset classes. This development has led to a surge in Bitcoin speculation, despite the potential for a lengthy approval process by the SEC.
Bitcoin Holders Are Accumulating!
Glassnode, an on-chain financial insight platform, has released data analysis that contributes to the prevailing Bitcoin euphoria. According to Glassnode, Bitcoin holders have been accumulating coins at a rate exceeding 42.2k BTC per month. This suggests that a price-insensitive group of investors has been absorbing a significant portion of the available Bitcoin supply.
Given that, Glassnode expects the current accumulation phase to end between 6-12 months, which would coincide with the Bitcoin halving next year.
“…If we compare this behavior to prior cycles, we can see that this regime of steady and gradual accumulation commenced just over 2 years ago, and suggests that another 6 to 12 months may be ahead of us,” Glassnode noted.
Investors Remain Undeterred
Despite ongoing regulatory scrutiny in the United States, on-chain data clearly demonstrates that Bitcoin investors are unfazed. With no signs of inflation subsiding in the near future, investors are increasingly optimistic about the upward trend in Bitcoin’s price.
English (US) ·