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.