Bitcoin Whales Maintain Positive Accumulation Behavior Ahead Of 2024 Halving: Report
06 Abril 2024 - 2:38AM
NEWSBTC
Bitcoin began 2024 with a blast gaining by over 73% in the first
quarter of the year to establish a new all-time high price of
$73,750. And although BTC soon declined from this value following a
turbulent price movement in the last month, its biggest
stakeholders have shown a consistent accumulation trend throughout
the first three months of 2024, indicating a high confidence in the
asset’s profitability ahead of the upcoming halving event.
Related Reading: Bitcoin’s Recovery Rally: Breaking Through This
Level Is Key To Bullish Momentum – Analyst Bitcoin Whales Acquire
$21.6 Billion BTC, Boost Market Dominance By 1.4% As Halving Nears
In an X post on Friday, blockchain analytics platform Santiment
shared that Bitcoin whales are still maintaining the “right
direction” in regard to their accumulation pattern. Santiment
reported that these whales, which represent holders of 100-100,000
BTC, purchased a total of 319,310 BTC (valued at $21.6 billion) in
the last three months. This report also stated that a
significant portion of the newly acquired tokens came from retail
traders, i.e., holders of 0-100 BTC, who collectively offloaded
105,260 BTC, valued at $7.2 billion and 0.7% of BTC’s circulating
supply, within the same time frame. 🐳↗️ #Bitcoin‘s key stakeholders
with 100-100K $BTC have ACCUMULATED a collective 319,310 $BTC
(around 1.4% of the supply) in the past 3 months. Many of these
coins came from 0-100 $BTC wallets, which have DUMPED 105,260 $BTC
(-0.7% of supply) in 3 months. https://t.co/6KKFgZzrPz…
pic.twitter.com/kXyQrOIRGA — Santiment (@santimentfeed) April 5,
2024 In general, BTC whales increased their market share by 1.4% in
the last three months, which is interpreted as a rather positive
sign ahead of the highly anticipated Bitcoin halving on April 19.
For context, the Bitcoin halving, which occurs every four years, is
a network-programmed event during which the amount of miners’
rewards on the Bitcoin blockchain is reduced by half.
Generally, the Bitcoin halving is regarded as a positive event that
results in asset scarcity, thus driving up demand and market price
in the long term. This notion may just remain true as Santiment
describes the increased accumulation by BTC whales heading into the
final weeks before the next halving as a bullish signal, indicating
high confidence in the asset’s future valuation. Related Reading:
Dogecoin Whale Takes $52.3 Million In DOGE Off Binance, Sign Of
Buying? BTC Price Overview According to data from
CoinMarketCap, Bitcoin currently trades at $67,521, reflecting a
decline of 0.01% and 3.51% in the last day and seven days,
respectively. In tandem, the daily trading volume of the digital
coin is also down by 6.80% and valued at $32.35 million. However,
BTC is up by 6.43% on its monthly chart adding to an impressive
year-to-date increase of 140.65%. With a market cap of $1.33
trillion, the maiden cryptocurrency remains the largest digital
asset in the world. BTC trading at $67,504 on the daily chart
| Source: BTCUSDT chart on Tradingview.com Featured image from
Watcher Guru, chart from Tradingview
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