The bitcoin (BTC) market is going through a period of correction and price declines, but beneath the surface, accumulation activity by long-term investors has reached unprecedented levels.
Recent data from the Bitcoin network, shared by CryptoQuant analyst, who identifies himself as “Darkfost,” indicate that the conviction of bitcoin holders are strengthening at an accelerated rateestablishing a new all-time purchasing high.
“Addresses that accumulate BTC are reaching record levels,” the analyst noted. “With over 375,000 BTC accumulated in a 30-day exchange, these accumulation addresses just set a new all-time high in BTC purchases.”
The report details that the momentum is recent and significant. “Only yesterday [en referencia al 5 de noviembre]more than 50,000 BTC were added by this type of address,” notes Darkfost.
This behavior contrasts with a slowdown in other market segments. “Although general demand has slowed down, this is not the case for these investors,” explains the analyst. “In less than two months, the monthly average has more than doubled, going from 130,000 to 262,000 BTC, which shows that this trend is accelerating,” he adds.
The following graph shows the amount of bitcoin held in accumulation addresses:
To understand the relevance of this metric, it is essential to define what the analysis considers an accumulation direction. According to CryptoQuant, These are wallets that meet a set of strict criteria designed to identify holders with a long-term vision and exclude short-term or high-turnover institutional participants.
These addresses are characterized, first of all, by not registering fund outflows, which indicates that their owners do not sell the BTC they acquire. Additionally, they must have made a certain number of recent purchases, with a minimum of two confirmed bitcoin entries.
Another requirement for these addresses is that they maintain a minimum total amount of BTC in their balance. and who have carried out a transaction in the last seven years. Something that allows us to ensure that these are active wallets and not abandoned.
The analysis also excludes known addresses of centralized exchanges (CEX) and miners, as well as those associated with smart contracts, to avoid biases derived from institutional or automated operations.
Bitcoin price falls, but holders buy
As accumulators buy, the price of the digital asset consolidates. Jaime Merino, director of TradingLatino, offers context on the current market moment, moving away from bearish interpretations.
In statements to CriptoNoticias, Merino emphasizes that The digital asset “is in a zone of controlled opportunity, not panic.”
“Bitcoin cycles tend to have 20-30% corrections within broader bullish trends, and that is what we are seeing now,” Merino explains. The specialist considers that as long as the price remains above USD 99,000, the technical structure “remains positive.”
Merino maintains that BTC is at a strategic accumulation point, projecting a bounce towards $112,000–125,000. Meanwhile, the general trend continues to be bullish and controlled. Beyond, considers that there may be a new bullish stretch between USD 125,000 and USD 147,000.
Indeed, the price of BTC has fallen from $112,000 to $103,000 in the last five days. The chart below shows a clear bearish trend with episodes of intermediate volatility and a subsequent consolidation phase around $103,000.
However, beyond the price, Merino identifies a structural challenge linked to the institutional growth mentioned in the Darkfost data. The analyst warns about the rapid “growth of institutional dominance” and the educational gap that this generates.
“Institutional dominance will grow, not because bitcoin has stopped belonging to the people, but because education on how to use it advances slower than corporate adoption,” says Merino.
For the director of TradingLatino, The real challenge of the current era is not the price, but the sovereignty over the digital asset.
“The challenge of this era is to close that gap: that more people learn to own their bitcoin before the market is fully structured by large institutions,” he said.
The data confirms record accumulation, driven by both individual holders and possibly the ETF infrastructure. Meanwhile, Merino’s analysis concludes with a fundamental reminder of the Bitcoin ecosystem: “He who controls his keys, controls his bitcoin.”
The FED and the US government
The decline in the price of bitcoin has also been influenced by a strengthening of the dollar in recent days, as well as the uncertainty about the fiscal policy of the United States, since the federal government of that country has been closed for 36 days.
Indeed, The US currency has strengthened in the last five dayswith the dollar index (DXY) increasing from 99.4 points to the current 99.92, as seen below:
However, according to Brazilian analyst André Chalegre, the possible reopening of the federal government could have a positive effect on bitcoin and digital assets in general.
Chalegre explains that political stabilization and lower fiscal pressure “could favor an environment of greater liquidity and risk appetite.” A fact that has historically benefited bitcoin.
Although he warns, “we are now entering darker waters, because this is the longest closure in history (…) we need this closure to end because more data is required so that the government and the committee can reach a consensus on whether or not there will be a rate cut.”
In this context, the increase in long-term accumulation could be interpreted as an early sign of confidence in a future recovery.
Thus, the record in accumulation directions reveals that long-term investors maintain their conviction in bitcoin. This, despite recent volatility. The continuation of this trend could serve as the basis for a sustained upward movement, if macroeconomic conditions stabilize.