Buying the Dip? Bitcoin Accumulation Wallets Scoop Up 26K BTC Worth $2B+ Amid Recent Slump

Bitcoin accumulation addresses just recorded an inflow of over $2 billion worth of BTC amid the latest market slump.

This is according to a disclosure from leading on-chain analytics resource CryptoQuant. Notably, the platform called attention to a massive inflow into the Bitcoin Accumulation Addresses, a cohort of wallets with balances each exceeding 10 BTC and no history of outgoing transactions.

Bitcoin Accumulation Wallets Cop 26,430 BTC

Particularly, Ki Young Ju, founder and CEO of CryptoQuant, set an alert for when these addresses witness substantial inflows involving over 20K BTC. The alert was set off today following the recent movement of exactly 26,430 BTC worth $2.35 billion into the addresses yesterday, Feb. 24.

What’s interesting is that the accumulation spree comes on the back of a recent price crash that has seen Bitcoin finally give up the $90,000 mark for the first time since mid-January. Currently changing hands around $88K, BTC is down more than 7.8% over the past two days of the new week as macroeconomic headwinds loom. 

Despite the bearish pressure this week, accumulation seems to be on the high side, as evidenced in the recent 26,430 BTC inflow. Interestingly, this marks the highest volume of inflow into these addresses in over three weeks. The last time they witnessed a higher volume was on Feb. 3, involving 31,272 BTC.

Notably, that day, Bitcoin observed an impressive 3.87% price gain, eventually reclaiming the $100K price mark and closing the day above it. However, bearish forces retook control of the scene, leading to a consolidation that has persisted throughout the month until the recent dump.

A Persistent Accumulation Trend

A closer look at the accumulation addresses confirms that the ongoing inflow trend picked up since last November, following Donald Trump’s victory in the U.S. elections. For instance, the addresses copped 47,305 BTC on Dec. 11, 2024, the largest daily inflow in over two and a half years. 

Although the revival of the inflow trend coincided with Bitcoin’s resurgence last November, with the asset eventually hitting a new all-time high of $109K last month, the recent price crash has not particularly discouraged the accumulation, as they have persisted throughout February.

This indicates that whales remain confident in Bitcoin’s potential notwithstanding the short-term bearish pull. For one, Strategy (formerly MicroStrategy) has continued to procure more Bitcoin tokens, recently accumulating 20,356 BTC worth $1.99 billion to bring its stash close to the 500K BTC mark. 

After yesterday’s dip, which saw Bitcoin crash 6%, Strategy Chairman and Bitcoin permabull Michael Saylor suggested that the leading crypto asset was now “on sale.” Essentially, Saylor regards the current dip as an opportunity to procure BTC at a discount, a sentiment apparently held by other long-term investors.

Several indicators confirm this. For example, the CryptoQuant Binary CDD metric now has a 0 value, indicating that more long-term holders are holding onto their coins. In addition, Bitcoin exchange reserve has continued to drop, possibly signaling an intention among investors to HODL their tokens in cold wallets.

Currently, Bitcoin trades for $88,886, down 2.81% today after a more substantial 4.89% slump yesterday. Despite the bearish price action, Young Ju insists that the bull market remains intact even if BTC drops to $77,000.