Bitcoin Halving Event Spurs Whales’ Confidence and Accumulation
As Bitcoin started 2024 with a bang, soaring over 73% in the first quarter to reach a new all-time high of $73,750, subsequent market fluctuations have not deterred the biggest stakeholders. These whales have continued to accumulate BTC, suggesting strong confidence in the asset’s future profitability, particularly with the upcoming halving event on the horizon.
Whales’ Massive Bitcoin Accumulation Signals Optimism
In a recent post, blockchain analytics platform Santiment revealed that Bitcoin whales, categorized as holders of 100-100,000 BTC, have been consistently accumulating the cryptocurrency. Over the last three months, these whales acquired a total of 319,310 BTC, equivalent to a staggering $21.6 billion.
- Bitcoin whales, with 100-100,000 BTC, bought 319,310 BTC
- Valued at $21.6 billion
Interestingly, a significant portion of these newly acquired tokens came from retail traders, holders of 0-100 BTC, who sold off 105,260 BTC worth $7.2 billion during the same period, accounting for 0.7% of BTC’s circulating supply.
Understanding the Bitcoin Halving Event
The upcoming Bitcoin halving, set for April 19, is a pivotal event where miners’ rewards on the network are halved every four years. This reduction in supply typically triggers a scarcity effect, propelling demand and elevating the asset’s market price over the long term.
- Bitcoin halving occurs every four years
- Rewards for miners are halved during this event
Given the increased accumulation by BTC whales leading up to the halving, Santiment views this trend as a bullish signal, indicating a positive outlook for Bitcoin’s future valuation.
Bitcoin Market Performance
Currently, Bitcoin is trading at $67,521, representing a marginal 0.01% decline in the last 24 hours and a 3.51% decrease over the past week. Despite these short-term fluctuations, the digital asset has shown significant growth over the month, recording a 6.43% increase and an impressive year-to-date surge of 140.65%.
- Bitcoin price at $67,521 with minimal daily decrease
- Notable gains in the monthly and year-to-date performance
With a market capitalization of $1.33 trillion, Bitcoin continues to maintain its position as the largest cryptocurrency globally. The coin’s trading volume has declined by 6.80% to $32.35 million, reflecting current market conditions.
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