Nexo Analysis Reveals Increasing Bitcoin Accumulation by Large On-Chain Addresses

The crypto lending platform Nexo has released an analysis showing that large on-chain addresses are continuing to accumulate Bitcoin.

Data shows that wallets holding between 10 to 100,000 BTC have added approximately 41,000 BTC over the past two weeks, indicating a trend of 'smart money' returning to the market. This type of investment often reflects a higher level of risk tolerance and confidence in the market's future performance.

Additionally, Bitcoin has surpassed its True Market Mean average price level of $78,100 for the first time since January this year. While this is not necessarily indicative of a market top or bottom, it may suggest that investor sentiment is shifting towards more optimistic views on the cryptocurrency's prospects.