The year 2024 began with a bang for Bitcoin, as it surged by over 73% in the first quarter to hit a new all-time high price of $73,750. Despite a subsequent decline from this peak due to turbulent price movements, the biggest stakeholders in Bitcoin have displayed a consistent accumulation trend in the first three months of the year. This trend suggests a high level of confidence in the asset’s profitability leading up to the upcoming halving event.
According to a recent report by blockchain analytics platform Santiment, Bitcoin whales, who hold between 100-100,000 BTC, have been accumulating the digital asset at a steady pace. These whales collectively purchased a total of 319,310 BTC, valued at $21.6 billion, in the last three months. On the other hand, retail traders holding 0-100 BTC have offloaded 105,260 BTC, worth $7.2 billion, during the same period. This data indicates a shift in ownership from smaller retail traders to larger institutional investors, reflecting a strong belief in Bitcoin’s future prospects.
The increase in market share by BTC whales, amounting to 1.4% in the last three months, is seen as a positive indicator leading up to the Bitcoin halving event scheduled for April 19. The halving, occurring every four years, involves a reduction in miners’ rewards on the Bitcoin blockchain by half. This event is expected to create a supply shortage, driving up demand and prices in the long term. The heightened accumulation by Bitcoin whales just before the halving is interpreted as a bullish signal, signaling confidence in the asset’s potential for future growth.
Current Market Performance of Bitcoin
Despite a slight decline in recent days, Bitcoin is currently trading at $67,521. The daily chart shows a negligible decrease of 0.01% and a 3.51% drop over the past seven days. The daily trading volume has also decreased by 6.80%, amounting to $32.35 million. However, Bitcoin has seen a significant 6.43% increase on a monthly basis, contributing to a remarkable year-to-date gain of 140.65%. With a market cap of $1.33 trillion, Bitcoin remains the largest cryptocurrency in the world.
Risk Disclaimer
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