Many people are accumulating Bitcoin at an amazing rate as the standard cryptocurrency consistently approaches all-time highs.
On March 9, on-chain analytics tool Material Indicators revealed that Bitcoin buyers in large numbers, placing orders to buy BTC in the amount of $ 100,000 to $ 1 million are ready to hit the highs. new all-time.
“Purchases from $ 100k – $ 1M are also about to create a new ATH. That is, the whale bought the dip. ”
Not only has the on-chain action skyrocketed on Bitcoin, analyst Lex Mokovski also pointed out that a large amount of BTC has left centralized exchanges over the past few weeks, ahead of a massive bull run.
“About 11,554 Bitcoin has pulled out of Coinbase. That happened just before the recent spike in prices. It is coincidence.”
When looking at Bitcoin’s volume history at different prices, Crypto Daily’s Cameron Batt emphasizes that data from Glassnode shows that on-chain action towards the end of the year is enormous.
“I assure you this is amazing… Bitcoin has gone through many days at this price point. The motion recorded on the on-chain shows the amazing thing. ”
Batt asserted that along with data showing Bitcoin is leaving exchanges, the action of Bitcoin buyers towards the end of the year demonstrates that the high area of the $ 40,000 zone is the largest accumulation of BTC in its history. .
“… Technically, if everyone took Bitcoins out of their hardware wallets to sell on exchanges then that would produce a similar result on this chart (the price will drop while the volume on-chain spike), but that’s not what we’re seeing. In fact, we are seeing the exact opposite. A literal mass migration of Bitcoin from exchanges to private wallets.
Additionally, we can clearly see that many large-volume buyers of Bitcoin were behind most of this activity as Bitcoin orders valued between $ 100,000 and $ 1 million have reached their highest levels. all time in recent times.
Arguably the $ 48,000 zone is one of the largest accumulation zones in the entire Bitcoin history. I’ve never seen anything so crazy in my years of on-chain analysis.”