Large Bitcoin Addresses Accumulate $1.4 Billion Worth of BTC

IconCryptoNewsTerminal Staff23 May, 2024

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Large Bitcoin Addresses Accumulate $1.4 Billion Worth of BTC

IntoTheBlock, a crypto market data analytics platform, reported via Twitter that addresses holding 1,000 to 10,000 Bitcoin (BTC) have accumulated 20,000 BTC (≈$1.4 billion) in the past week. This accumulation occurred as Bitcoin's price surged towards $70,000. This buying activity suggests that large investors have confidence in Bitcoin's long-term growth potential. The recent accumulation trend follows a period of heightened volatility in the crypto market, which saw Bitcoin's price fluctuate significantly. Despite the recent market fluctuations, Bitcoin remains a popular investment for many investors who believe in its long-term potential. The accumulation of BTC by large addresses is a positive sign for the future of the cryptocurrency.

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