When Bitcoin plunged to $3,700 this March, there was no denying that many were afraid to invest. After all, there were traders — and influential traders at that — actually expecting the cryptocurrency to fall off a price cliff when the crash occurred.

Some of the accumulating addresses are probably bigger players, but the rapid upturn in this metric signals strong retail interest in BTC.

Yet data showed that both retail and institutional investors have accumulated BTC at a rapid clip since the crash. There has been such a strong influx of Bitcoin buyers that it may be the accumulators, not the traders, who have driven most of the recovery from the crash in March.

The unprecedented explosion of retail and institutional demand for flagship cryptocurrency bodes well. After all, Bitcoin, like almost every other market, is predicated on supply and demand: Bitcoin should be given a higher equilibrium price due to the significant rise in demand for BTC we've seen — combined with a decline in supply due to the halving.