Bitcoin began 2024 with an explosive rise of more than 73% in the first quarter of the year, hitting a new all-time high of $73,750. Although BTC soon fell from this value due to turbulent price movements last month, the largest stakeholders have shown a consistent accumulation trend in the first three months of 2024, indicating high confidence in the asset’s profitability ahead of the upcoming halving event.
Bitcoin Whale Acquires $21.6 Billion BTC, Increases Market Dominance by 1.4% as Halving Nears
In an Santiment reported that these whales, representing holders of 100-100,000 BTC, have purchased a total of 319,310 BTC (worth $21.6 billion) over the past three months.
The report also stated that a significant portion of the newly acquired tokens came from retail traders, i.e. 0-100 BTC holders, who collectively offloaded 105,260 BTC within the same period, worth $7.2 billion and 0.7% of the BTC circulating supply. Loaded. .
š³āļø #BitcoinKey stakeholders with 100-100K $BTC A total of 319,310 items have been accumulated. $BTC (About 1.4% of supply over the last 3 months) Most of these coins came from 0-100. $BTC Wallet dumped 105,260 $BTC (-0.7% of supply). https://t.co/6KKFgZzrPzā¦ pic.twitter.com/kXyQrOIRGA
ā Santiment (@santimentfeed) April 5, 2024
In general, BTC whales have increased their market share by 1.4% over the past three months, which is interpreted as a somewhat positive sign ahead of the highly anticipated Bitcoin halving on April 19. This is a network programming event in which the reward amount for miners on the Bitcoin blockchain is halved.
Bitcoin halving is generally viewed as a positive event that will create a shortage of the asset, increasing demand and market price in the long term. This concept may remain intact, as Santiment describes the increased accumulation of BTC whales in the final weeks before the next halving as a bullish signal, indicating high confidence in the asset’s future valuation.
BTC price overview
According to data from CoinMarketCap, Bitcoin is currently trading at $67,521, down 0.01% and 3.51% over the past 1 and 7 days, respectively. At the same time, the daily trading volume of digital coins also decreased by 6.80% and was valued at $32.35 million.
However, BTC is up 6.43% on the monthly chart, registering an impressive year-to-date gain of 140.65%. With a market capitalization of $1.33 trillion, the original cryptocurrency remains the world’s largest digital asset.
BTC trading $67,504 on daily chart | Source: Tradingview.com BTCUSDT chartFeatured image by Watcher Guru, chart by Tradingview
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Source: NewsBTC.com