Bitcoin addresses holding between 1,000 and 10,000 BTC have been the primary accumulators during the recent price surge to $70,000.
Over the past seven days, these addresses have collectively added 20,000 BTC, equivalent to $1.4 billion, to their balances.
This significant accumulation highlights the strategic moves of large holders in the current market conditions.
Bitcoin addresses holding between 1k and 10k $BTC have been the main accumulators during the recent price surge to $70k.
Over the past 7 days, these addresses collectively added 20k BTC ($1.4B) to their balances. pic.twitter.com/LjhZiNnszf
— IntoTheBlock (@intotheblock) May 23, 2024
TD Sequential Indicator Signals Caution
Renowned analyst Ali Martinez noted on X (formerly Twitter) that the TD Sequential indicator has consistently signaled significant price movements for Bitcoin since February. Today, this indicator is flashing a sell signal, suggesting traders should exercise caution.
Indeed, Bitcoin has experienced a 2% decline, falling below the $68,000 mark. This development underscores the potential volatility in the market and the importance of closely monitoring technical indicators.
Every time the TD Sequential indicator has shown a buy or sell signal on the #Bitcoin daily chart since February, it has led to significant price movements.
Today, this indicator is flashing a sell signal. Traders should approach $BTC with caution! pic.twitter.com/2UYupMGaLT
— Ali (@ali_charts) May 22, 2024
Positive ETF Inflows Despite Market Correction
Despite the recent market correction, Bitcoin ETFs have continued to see positive inflows. On May 22, 2024, the net inflow summed up to $154 million, marking eight consecutive trading days of positive inflows—a streak not observed since March 15.
🚨 $BTC #ETF Net Inflow May 22, 2024: +$154M!
• The net inflow has been positive for 8 consecutive trading days, a streak that has not been observed since Mar 15.
• #Grayscale (GBTC) experienced a small single-day outflow of $16.1M again after 5 days.
• #BlackRock (IBIT)… pic.twitter.com/dp8s1dLP1Z
— Spot On Chain (@spotonchain) May 23, 2024
However, Grayscale’s Bitcoin Trust (GBTC) experienced a small single-day outflow of $16.1 million after five days of inflows. On the other hand, BlackRock’s Bitcoin ETF (IBIT) led the inflow leaderboard with an impressive $92 million.
Market Outlook and Strategic Moves
The accumulation by significant Bitcoin holders suggests a strategic long-term outlook despite short-term price corrections. While the TD Sequential indicator’s sell signal warrants caution, the sustained positive ETF inflows indicate continued institutional interest in Bitcoin.
Investors and traders should remain vigilant, balancing technical analysis with market sentiment to navigate the evolving landscape.
As the market adjusts to these dynamics, it remains crucial to monitor both on-chain data and external indicators to make informed decisions. The interplay between large-scale accumulations, technical signals, and institutional inflows will likely shape Bitcoin’s trajectory in the coming weeks.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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