Bitcoin Whales Accumulation: Predicting a Bullish Surge Before the Bitcoin Halving
As we ushered in the year 2024, Bitcoin recorded an impressive surge, skyrocketing by over 73% and reaching a never-before-seen high of $73,750. Despite experiencing a subsequent decline, the crucial stakeholders of Bitcoin, more commonly referred to as ‘Bitcoin Whales,’ consistently amassed more of the cryptocurrency throughout the first quarter. This behavior signifies their unwavering faith in the potential profitability of this asset, particularly in the lead-up to the forthcoming Bitcoin halving event. Santiment, a well-known blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More analytics platform, recently shared a post indicating that the ‘Bitcoin Whales,’ who are known to hold between 100-100,000 BTC, have procured an astounding total of 319,310 BTC, which amounts to $21.6 billion, in the last three months alone. Interestingly, a significant portion of these freshly acquired tokens was offloaded by retail traders who hold between 0-100 BTC, who collectively let go of 105,260 BTC. This Bitcoin Whales accumulation has boosted their market stake by 1.4% in the past three months, a trend viewed positively in the run-up to the much-anticipated Bitcoin halving set for April 19. Occurring every four years, the Bitcoin halving is a network-programmed event that slashes the rewards received by Bitcoin miners by half. This event creates asset scarcity, which, in turn, can potentially increase demand and market price over time. Currently, Bitcoin is trading at $67,521, showcasing a year-to-date surge of 140.65%. With a staggering market capitalization of $1.33 trillion, Bitcoin continues to reign supreme as the world’s largest digital asset. With Bitcoin Whales accumulation on the rise, the stage is set for a potentially exciting phase in the world of cryptocurrency.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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