While the cryptocurrency has declined from $12,400 to $10,000 in the past three weeks, the number of “accumulation addresses” has increased by 2% to 513,000, according to data source Glassnode. “Lots of new daily buyers are coming in to absorb supply,” Su Zhu, CEO of Singapore-based Three Arrows Capital, told CoinDesk in a Telegram chat.
Accumulation addresses are those that have at least two incoming non-dust transfers (representing minuscule amounts of bitcoin) and have never spent funds. The metric excludes addresses belonging to miners and exchanges, and addresses active more than seven years ago to exclude lost coins.
The divergence between prices and accumulation addresses suggests that investors view the recent price drop as a typical bull market pullback and expect prices to rise once more. “Markets typically retrace one third or more in a bull market after local euphoria,” Zhu tweeted on Friday, suggesting prices could drop to as low as ,800 and still be a “healthy target.”
Investors Buying Bitcoin Amid Price Slump to Near K, Data Shows, CoinDesk, Sep 7
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