2024

Bitcoin

when

Billion

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In a significant move on the cryptocurrency market, over $1.23 billion worth of<a href="https://u.today/bitcoin-warning-key-indicator-predicts-btc-downturn" rel="noopener noreferrer nofollow"> Bitcoin</a> was transferred to accumulation addresses in a single day. This substantial shift, involving more than 20,200 BTC, caught the attention of analysts and investors alike.
Ali, a crypto analyst, <a href="https://x.com/ali_charts/status/1806772257773048018" rel="noopener noreferrer nofollow">reported</a> this massive influx of Bitcoin into accumulation addresses, which are typically associated with investors who hold their assets for long-term value appreciation, rather than engaging in frequent trading.
<blockquote>
 Someone bought the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> dip! Over 20,200 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>, worth $1.23 billion, were sent to accumulation addresses... 👀 <a href="https://t.co/FAyKK6UzDN" rel="noopener noreferrer nofollow">pic.twitter.com/FAyKK6UzDN</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1806772257773048018?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 28, 2024</a>
</blockquote>
The timing of this move is particularly noteworthy. It comes at a time when the market is facing a downturn, with prices dropping across the board. Bitcoin's price fell to $58,414 at the start of the week, the lowest since May 3.
This "drop" in value prompted short-term selling as traders and investors sought to reduce their losses. However, in this instance, a contrarian approach was taken, with a significant investment made into Bitcoin, signaling a belief that the market might rebound.
<h2 id="bitcoin-dip-buying">Bitcoin dip buying?</h2>
According to Crypto Ali, the massive transfer might indicate that someone took advantage of the recent dip in Bitcoin’s price to make a significant purchase.
According to the chart presented by Ali, on June 27, over 20,200 BTC, worth $1.23 billion were funneled into accumulation addresses. This type of behavior is commonly interpreted as a bullish signal, and the market's reaction in the aftermath is being carefully watched.
<a href="https://u.today/bitcoin-warning-key-indicator-predicts-btc-downturn" rel="noopener noreferrer nofollow">Bitcoin</a> has lost roughly 10% of its value in June. It temporarily touched $71,000 at the beginning of June but has since declined steadily. Since March, the flagship cryptocurrency has been trapped in the $60,000 to $70,000 level.
At the time of writing, Bitcoin was down 0.26% to $60,916 and has been trading in a tight range since recovering from Monday's lows of $58,414.

$1.23 Billion in Bitcoin Moved in One Day: What Happened?

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