Celebrating Bitcoin’s 16th Anniversary Amidst Strong Holder Accumulation And ETF Inflows

2024-11-1 02:14

Today marks the 16th anniversary of Bitcoin’s white paper release by the mysterious Satoshi Nakamoto.

On October 31, 2008, Nakamoto shared his vision for a decentralized financial system in a nine-page document titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This paper, which laid the foundation for Bitcoin and the broader cryptocurrency market, has continued to inspire the digital asset space to this day.

Today marks the 16th anniversary of the release of the Bitcoin white paper. On October 31, 2008, Satoshi Nakamoto published this landmark document. Titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” the nine-page thesis paper established the basic structure for the Bitcoin…

— Wu Blockchain (@WuBlockchain) October 31, 2024

In the current market landscape, long-term Bitcoin holders (LTHs) are showing strong accumulation behavior, undeterred by recent modest dips. Interestingly, this decline is much less drastic compared to Bitcoin’s all-time high (ATH) peaks, highlighting a more disciplined approach among LTHs as they prepare for potential upward momentum.

Around 48,000 #Bitcoin $BTC went into accumulation addresses, worth over $3.46 billion! pic.twitter.com/jEjuSleW7l

— Ali (@ali_charts) October 31, 2024

Around 48,000 BTC, valued at over $3.46 billion, have recently been transferred to accumulation addresses, while approximately 8,000 BTC, worth around $576 million, were withdrawn from exchanges in the past two days.

Roughly 8,000 #Bitcoin $BTC have been withdrawn from #crypto exchanges in the last 48 hours, worth around $576 million! pic.twitter.com/PQrlhDkfcw

— Ali (@ali_charts) October 31, 2024

Major BTC Spot ETFs Inflows To Monitor 

This activity coincides with major ETF inflows. On October 30, Bitcoin ETFs saw a total net inflow of $893 million, making it the second largest day in history after March 12, when $1.05 billion was recorded.

On October 30, Bitcoin spot ETF had a total net inflow of $893 million, becoming the second largest net inflow day in history, second only to the $1.05 billion on March 12. BlackRock ETF IBIT had an inflow of $872 million. Ethereum spot ETF had a total net inflow of $4.3576… pic.twitter.com/sjEvAxKTdZ

— Wu Blockchain (@WuBlockchain) October 31, 2024

BlackRock’s IBIT ETF alone contributed $872 million, signaling strong institutional interest.

As Bitcoin’s dominance dips, investors often pivot to altcoins, setting the stage for broader market rallies.

When Bitcoin's dominance dips, it's often a telltale sign of a brewing altcoin surge, sparking a fresh crypto bull run.

History shows that as investors pivot to altcoins, market-wide rallies ignite, hinting that a fall in #Bitcoin's market share might usher in the next big… pic.twitter.com/CGqR8XHIRt

— Kyledoops (@kyledoops) October 31, 2024

A potential shift in market dynamics could lead to the next altcoin surge, hinting at a bullish wave across the entire cryptocurrency ecosystem as we celebrate Bitcoin’s legacy and anticipate the path forward.

Long-Term Bitcoin Holders are aggressively stacking up, even as net position change takes a minor dip with BTC closing in on its former peak.

This dip is more modest than the last time $BTC hit its ATH, signaling a more disciplined approach to selling. It looks like LTHs are… pic.twitter.com/q4U1Il58eG

— Kyledoops (@kyledoops) October 31, 2024

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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Image Source: alekskhmelev/123RF // Image Effects by Colorcinch

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