bitcoin started 2024 with a burst 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 after a turbulent price movement in the last month, its main shareholders have shown a constant accumulation trend during the first three months of 2024, indicating high confidence in the profitability of the asset before of the next halving event.
bitcoin Whales Acquire $21.6 Billion btc, Increase Market Dominance by 1.4% as Halving Approaches
In x.com/santimentfeed/status/1776364283464692071″ target=”_blank” rel=”nofollow”>an x post on Friday, blockchain analytics platform Santiment shared that bitcoin whales are still maintaining the “right direction” regarding their accumulation pattern. Santiment reported that these whales, representing holders of between 100 and 100,000 btc, purchased a total of 319,310 btc (valued at $21.6 billion) in the last three months.
This report also indicated that a significant portion of the newly acquired tokens came from retail traders, i.e. holders of 0-100 btc, who together downloaded 105,260 btc, valued at $7.2 billion and 0.7% of the circulating supply. of btc, within the same time period. .
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twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin
– Sentiment (@santimentfeed) twitter.com/santimentfeed/status/1776364283464692071?ref_src=twsrc%5Etfw” rel=”nofollow”>April 5, 2024
Overall, btc whales increased their market share by 1.4% in the last three months, which is being interpreted as a fairly positive sign ahead of the long-awaited bitcoin halving on April 19. For context, the bitcoin halving, which occurs every four years, is a network-scheduled event during which the amount of miners' rewards on the bitcoin blockchain is cut in half.
Generally, the bitcoin halving is considered a positive event that results in scarcity of the asset, increasing demand and market price in the long term. This notion may still be true as Santiment describes the increased accumulation by btc whales heading into the final weeks before the upcoming halving as a bullish signal, indicating high confidence in the future valuation of the asset. .
btc Price Overview
According bitcoin/” target=”_blank” rel=”nofollow”>CoinMarketCap data, bitcoin is currently trading at $67,521, reflecting a drop of 0.01% and 3.51% over the past day and seven days, respectively. At the same time, the daily trading volume of the digital currency also decreased by 6.80% and is valued at $32.35 million.
However, btc is up 6.43% on its monthly chart, adding to an impressive 140.65% year-to-date increase. With a market capitalization of $1.33 trillion, the inaugural cryptocurrency remains the world's largest digital asset.
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x/MG8p6bkD/" alt="bitcoin" width="1479" height="893" loading="lazy"/>btc trading at $67,504 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image by Watcher Guru, Tradingview chart
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
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