- The exceptional Bitcoin accumulation phase during the COVID-19 pandemic holds predictive value for future market trends.
- The Accumulation Trend Score reveals a robust accumulation pattern in Bitcoin since March 2020.
- Canada leads with 48.2% of total assets in the global Spot Bitcoin ETF landscape, followed by Germany and Jersey.
Bitcoin has been experiencing a remarkable accumulation phase since the onset of the Covid-19 pandemic. This trend has endured for an unusually extended period and is particularly significant in Bitcoin’s historical cycles. James V. Straten, a crypto analyst, delves into this intriguing phenomenon and its implications for the cryptocurrency market.
Since Covid, we are seeing one of the strongest forms of #Bitcoin accumulation; it is also one of the longest in duration.— James V. Straten (@jimmyvs24) November 16, 2023
Each time we see this level of accumulation it occurs in the bottom or top of cycles.https://t.co/WTKni6b30S pic.twitter.com/BAJPvTOCkZ
One of the standout features of the current Bitcoin landscape is the exceptional level of accumulation witnessed. As highlighted by Straten, this accumulation occurs either at the bottom or the top of Bitcoin’s price cycles, signifying its importance in predicting market trends.
The Accumulation Trend Score, a crucial indicator of the relative size of active coin accumulators, has recently indicated a robust accumulation period for Bitcoin. This metric considers the size of entities’ Bitcoin holdings and the volume of new coins acquired or sold over the past month. Notably, this accumulation pattern has been a rarity since March 2020, suggesting a unique market dynamic.
As of the latest data available, the price of Bitcoin stands at $36,804.26, reflecting a 1.84% increase over the past 24 hours. However, the cryptocurrency has experienced a marginal decline of -0.96% over the past week. With a circulating supply of 20 million BTC, Bitcoin’s market capitalization currently sits at a staggering $719,300,320,509. These figures highlight Bitcoin’s continued significance and dominance in the cryptocurrency space.
Moving beyond Bitcoin, the global landscape of Spot Bitcoin exchange-traded funds (ETFs) reveals some fascinating insights. These ETFs, designed to track the price of Bitcoin, are incorporated in just eight countries worldwide. Among the G20 nations, Canada leads the way, with seven Spot Bitcoin ETFs boasting a total asset value of $2.00 billion. This represents a substantial 48.2% of the global total of $4.16 billion in spot Bitcoin ETF assets.
Germany follows closely, with a single Spot Bitcoin ETF incorporating an impressive $802.52 million total assets. Jersey, a tax haven, is also a notable player, hosting four spot Bitcoin ETFs with a combined total asset value of $747.77 million. Also, Brazil and Liechtenstein have carved out their market share, with $295.74 million and $218.16 million in total assets, respectively.