Over 38,000 BTC Moved to Accumulation Addresses, $70K Seen as Key Price Level

Huo Xing Cai Jing reports that Abramchart, an analyst at CryptoQuant, stated that Bitcoin has recorded one of the largest inflows in history, with over 38,000 BTC transferred to wallets typically associated with long-term holders and over-the-counter settlements. This appears to be a positive sign. However, when combined with the actual price at which these accumulated addresses were acquired, the situation becomes more complex. The average cost of these accumulated wallets is currently around $70,000, while Bitcoin is trading near $64,000. This creates two possible scenarios: Bullish—large holders are actively accumulating in anticipation of profit during the next upward cycle. A noteworthy scenario—some of these purchases may aim to lower their average entry price, enabling them to exit near cost when Bitcoin returns to the $70,000 range. In other words, today’s accumulation does not necessarily indicate long-term holding; it could also represent a strategic positioning before reaching breakeven. Abramchart believes the inflow is undoubtedly significant and warrants close attention, but the $70,000 price level may serve as a critical decision point. Whether these funds continue to accumulate or begin to distribute near this level will provide a clearer signal for the next major trend.