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Bitcoin investors ‘buy the dip’ as BTC nears $40K, gaining 16% in less than 24 hours

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Buyers returned to the Bitcoin (BTC) market, locating interim upside opportunities as the price rebounded to nearly $40,000 on Feb. 25, gaining 16% in less than 24 hours. 

Investors bulk up Bitcoin holdings

The number of Bitcoin addresses with a balance greater than 0.01 BTC (~$400) reached a record high of 9.51 million, the latest data from Coin Metrics shows. Meanwhile, the number of addresses that hold at least 0.1 BTC (~$3,850) also reached 3.34 million for the first time in history.

Bitcoin addresses with a balance greater than 0.1 BTC. Source: Coin Metrics, Messari

On the whole, Bitcoin’s network added a little over 24,500 addresses with a non-zero balance on Thursday, coinciding with BTC’s choppy price moves — from around $37,200 to below $34,500, followed by a recovery toward $40,000.

Bitcoin on-chain accumulation trends. Source: Ecoinometrics

Data resource Ecoinometrics divided the addresses into two groups — one that holds less than 1 BTC and the other that holds anywhere between 1,000 BTC and 10,000 BTC — noting that both groups have been “buying the Bitcoin…

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