Bitcoin Accumulation Levels Remain High
Bitcoin (BTC) has been trading within a narrow range of $51,000 – $52,500 for the past week. Despite this lack of price movement, investors have continued to accumulate BTC. This is evident from the increase in the number of Bitcoin whale wallets (addresses with 1,000 BTC or more) over the last month. According to blockchain data analytics company Santiment, there are now 147 more Bitcoin whale wallets, representing a 7.4% increase.
Institutional Interest and Bitcoin ETF Market Growth
One of the factors driving the high level of BTC purchases is the growth in the Bitcoin ETF market. Bitcoin spot ETFs have only recorded a negative daily flow once in the last four weeks. This institutional interest is encouraging as it could lead to increased demand for BTC and higher prices.
Anticipation of Bitcoin Halving Event
Another potential factor driving BTC whale activity is the upcoming Bitcoin halving event. The halving event is expected to occur in 2024 and will result in a reduction in the block reward for mining BTC. This could lead to increased demand for BTC as the supply is reduced.
BTC Price Overview
At the time of writing, BTC is trading at $51,585 with a 1.54% gain on the last day. BTC has recovered significantly over the last month, rising by 28.96%. However, it is still off by 25.06% from its all-time high value of $68,789.63.
