Bitcoiners Buying the Dip

Bitcoiners and those new to this are buying the dip it seems – accumulation addresses are up 2% and people are buying the dip as the Bitcoin price has dropped recently

Investors Buying Bitcoin Amid Price Slump to Near $10K, Data Shows

  • 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.

Master Asked on September 7, 2020 in Bitcoin.
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