According to data shared by renowned crypto analyst Ali, Bitcoin has recently witnessed a significant development in its investment dynamics, marking a notable shift in the crypto market.
In a post on X published earlier today, Ali disclosed that Bitcoin is experiencing a substantial accumulation streak, which has not been seen in nearly three years.
According to the analyst, this surge in the Accumulation Trend Score indicates the growing confidence among larger entities in the cryptocurrency market.
Ali’s shared data further reveals that the Accumulation Trend Score for Bitcoin has consistently hovered near the peak level of 1 over the past four months. This sustained high score signals an active and ongoing accumulation by big investors.
#Bitcoin is witnessing one of its most significant accumulation streaks in almost 3 years!
Notably, the Accumulation Trend Score has hovered near 1 for the past 4 months, signaling that larger entities are accumulating $BTC. This trend indicates strong confidence in the market! pic.twitter.com/QcJOEhzBUb
— Ali (@ali_charts) February 1, 2024
A Surge In Large-Scale BTC Holdings
Further complimenting this near 3-year accumulation trend streak, Ali’s recent data revealed that the Bitcoin market has welcomed approximately 67 new “whales.” These entities, each holding over 1,000 BTC, represent a 4.50% increase in this category of investors within two weeks.
This increase in whale activity coincided with a period where Bitcoin experienced a notable dip, falling below the critical $39,000 threshold. Ali noted: “While some shivered with fear during the recent price correction, Bitcoin whales were accumulating more BTC.”
While some shivered with fear during the recent price correction, #Bitcoin whales were accumulating more $BTC!
Around 67 new entities now hold 1,000 #BTC or more, marking a 4.50% increase in two weeks. pic.twitter.com/tje3fhznRR
— Ali (@ali_charts) January 30, 2024
This downturn was primarily attributed to a significant outflow from Grayscale, amounting to over $5 billion since the Bitcoin Spot ETF was approved by the US Securities and Exchange Commission (SEC).
As of January 29, 2024, the number of Bitcoins held by Grayscale was 496,573.8166. Additionally, GBTC’s AUM is approximately $21.431 billion. After the spot ETF passed, Grayscale users sold a total of 120,500 BTC, which is equivalent to approximately $5.508 billion.…
— Wu Blockchain (@WuBlockchain)…
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