Bitcoin whales took a downturn, securing $1.2 billion in BTC ahead of the halving.

“Sellers on the margin appear to be taking risks, but there was also opportunistic buying between the $60,000 and $62,000 levels,” Coinbase institutional research analyst David Han said in a report Friday. “We believe this directional uncertainty speaks to our thesis that Bitcoin has multiple roles as both a risk asset and a safe haven asset,” he added.