Bitcoin started 2024 strong, reaching an all-time high of $73,750 in the first quarter. While the price has since declined, major Bitcoin holders (whales) have been steadily accumulating throughout the first three months of the year.
Whales Acquire Billions of Dollars in Bitcoin
According to blockchain analytics firm Santiment, whales holding between 100 and 100,000 Bitcoin have bought a total of 319,310 BTC ($21.6 billion) in the last three months. Much of this Bitcoin came from retail traders (holders of 0-100 BTC), who sold off 105,260 BTC ($7.2 billion) in the same period.
As a result, whales have increased their market share by 1.4% in the last three months. This is seen as a positive sign ahead of the upcoming Bitcoin halving on April 19.
Bitcoin Halving and Market Impact
The Bitcoin halving is an event that occurs every four years, where the reward for mining Bitcoin is cut in half. This reduces the supply of new Bitcoin entering the market, which can drive up demand and price.
Whales accumulating Bitcoin before the halving is a bullish signal, indicating their confidence in the asset’s future value.
Current Bitcoin Price
As of writing, Bitcoin is trading at $67,521, down slightly in the last day and week. However, it remains up significantly year-to-date, with an increase of over 140%.
