Bitcoin started 2024 with explosive gains of more than 73% in the first quarter of the year to set a new all-time high price of $73,750.
And although BTC soon fell from this value following last month's tumultuous price movements, its largest stakeholders have shown a consistent accumulation trend throughout the first three months of 2024, indicating high confidence on the asset's profitability before the upcoming halving event.
Bitcoin Whales Buy $21.6 Billion in BTC, Increasing Market Dominance to 1.4% Ahead of Halving
In an X post on Friday, blockchain analytics platform Santiment Chia that Bitcoin whales are still maintaining the “right direction” regarding their accumulation patterns.
Santiment reports that these whales, representing holders of 100-100,000 BTC, bought a total of 319,310 BTC (worth $21.6 billion) over the past three months.
This report also claims that a significant portion of the newly acquired Token came from retail traders, i.e. 0-100 BTC holders, who sold a total of 105,260 BTC, worth $7.2 billion and 0.7% of BTC's circulating supply, in the same timeframe.
🐳↗️ #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
Overall, BTC whales have increased their market share by 1.4% over the past three months, which is interpreted as a fairly positive sign ahead of the highly anticipated Bitcoin halving on April 19.
For context, the Bitcoin halving, which occurs every four years, is a programmed event on the network in which the number of miners' rewards on the Bitcoin blockchain is reduced by half.
Generally, the Bitcoin Halving is considered a positive event that leads to scarcity of the asset, thus boosting demand and market price in the long term.
This notion may still hold true as Santiment describes the increasing accumulation of BTC whales in the final weeks before the next halving as a bullish signal, indicating a high level of confidence in future valuations. future of assets.
BTC price overview
According to data from CoinMarketCap, Bitcoin is currently trading at $67,521, reflecting a decline of 0.01% and 3.51% over the past day and seven days, respectively.
At the same time, the digital currency's daily volume also decreased by 6.80% and was worth 32.35 million USD.
However, BTC is up 6.43% on the monthly chart, adding to an impressive YTD gain of 140.65%.
With a market Capital of $1.33 trillion, the first cryptocurrency remains the world's largest digital asset.
General Bitcoin News.
