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Accumulator wallets scoop up 375,000 BTC as price retreats
Accumulation by long-term Bitcoin buyers hit a new high in October as on-chain data shows so-called accumulator wallets purchased roughly 375,000 BTC over a 30-day span. The latest pullback — a 21% drawdown from October's all-time high — appears to have prompted an immediate surge of purchases, with accumulators adding about 50,000 BTC in a single day when BTC briefly slipped below $100,000.
What the data shows
On-chain analytics from CryptoQuant, shared by contributor Darkfost on X, highlight an accelerating trend among wallets that consistently buy and do not sell. These accumulator addresses increased their monthly average accumulation from roughly 130,000 BTC to approximately 262,000 BTC in under two months, culminating in the recent 30-day record.
Bitcoin accumulator address demand
Market participants note that while many hodlers are redistributing inventory, dedicated dip buyers continue to absorb supply. The inflows coincided with a day that saw net outflows from US spot Bitcoin ETFs top $500 million overall, though BlackRock's iShares Bitcoin Trust (IBIT) remained essentially flat, according to Farside Investors data.
ETF flows and on-chain buying
Despite ETF-related outflows, several analysts argue that the ETF ecosystem still contributes to accumulation. The presence of large institutional products has changed market dynamics: when prices correct, both retail and institutional accumulators step in to buy, reinforcing demand beneath spot markets.
Is a 21% drawdown unusual?
Short answer: no. Historical correction patterns this cycle have typically ranged between 20% and 25%, with occasional moves toward 30%. Glassnode on-chain metrics and chart analysis indicate that the current drop sits comfortably within those historical parameters. X trader Lourenço VS described the 21% move as “totally within the normal parameters,” underscoring that market structure at higher timeframes remains intact.
Bitcoin price drawdowns from all-time highs
Market context and implications for BTC
For traders and investors watching BTC price action, the takeaway is that dip-buying by accumulators signals persistent demand even amid volatility. If accumulation continues at scale, it could tighten available supply on exchanges and support price recovery over time. However, short-term macro or liquidity shocks could still generate amplified swings, so risk management remains essential for active participants.
BTC/GUSD three-day chart
Overall, the recent activity illustrates how on-chain data (from platforms like CryptoQuant and Glassnode) combined with ETF flow tracking can clarify market behavior: a pullback of this magnitude is not an outlier, and accumulation by dedicated buyers may be reinforcing Bitcoin's longer-term bull case.
Source: cointelegraph
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