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Current Trends in Onchain Activity

DEFINITION: The number of unique accumulation addresses is a key metric in analyzing Bitcoin’s distribution patterns. These addresses are characterized by multiple incoming non-dust transfers without any subsequent spending. It excludes exchange and miner addresses, as well as those inactive for more than seven years to adjust for lost coins.

The latest data from Glassnode highlights significant shifts in the landscape of Bitcoin accumulation addresses. After a period of decline earlier in the year, a resurgence began in late April. This uptick coincides with a more positive market sentiment and a stabilization of Bitcoin’s price around $60,000. According to CryptoSlate, long-term holders have been accumulating nearly 70,000 BTC, marking a reversal from previous divestment trends.

Notably, the Bitcoin halving event sparked a substantial amount of accumulation activity. In April alone, over 115,000 BTC were added to these addresses, reflecting a strong sense of confidence in the market. This sentiment is further reinforced by a surge in investor activity, with significant inflows into accumulation addresses hitting all-time highs during the same period.

These dynamic trends suggest a bullish outlook among long-term investors and other significant market participants, indicating a shared belief in Bitcoin’s future potential. Understanding these accumulation patterns and their correlation with market events like the halving is crucial in predicting Bitcoin’s trajectory in the upcoming months.

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