19th April 2024 > > Accumulation.

tl;dr

Accumulation.

Market Snap

Market Wrap

News of Israeli drones over Iran had a predictable impact on risk markets, stocks and cryptos. There are some siren voices out there saying they saw a print or two with a 5-handle. I didn’t, and frankly that is all that matters, right?

That bounce back seen only in cryptos is interesting. Flight to true quality you think?

Curious Cryptos’ Commentary – Accumulation

Putting aside those small outflows this week from the nine new-borns (clearly speculative money, not investors) here is an interesting graph:

On the 16th April, 27,700 BTC were transferred to an “Accumulation Address”. What is that you ask? There is a simple definition (remember the blockchain gives us total transparency):

“… the absence of outgoing transactions, a balance exceeding 10 BTC, exclusion of accounts affiliated with centralized exchanges or miners, reception of more than two incoming transactions, and the occurrence of a single one within the last seven years.”

In other words, these are diamond hands, whose coins will not be seen again for a very long time. Give yourself a big pat on the back if your wallet can be tagged as an accumulation address. Smart work.

With the halving slated for tomorrow, it doesn’t take much of a mathematical genius to work out that on just that one day, a full two months of supply simply disappeared.