Bitcoin kicked off the year 2024 with an impressive surge, climbing over 73% in the first quarter to hit a new all-time high of $73,750. Despite the subsequent price correction, the major stakeholders in Bitcoin have displayed a consistent pattern of accumulation in the first three months of the year. This accumulation trend suggests a strong belief in the asset’s profitability as the highly anticipated halving event approaches.
According to a recent report by blockchain analytics platform Santiment, Bitcoin whales holding between 100-100,000 BTC have been actively accumulating the digital asset. In the first quarter of 2024, these whales acquired a total of 319,310 BTC, worth approximately $21.6 billion. This significant increase in holdings by large stakeholders indicates a high level of confidence in Bitcoin’s future price trajectory.
Shift in Ownership
Interestingly, a considerable portion of the newly acquired Bitcoins by whales came from retail traders holding 0-100 BTC. These smaller holders collectively offloaded 105,260 BTC, valued at $7.2 billion, representing 0.7% of Bitcoin’s circulating supply. This shift in ownership from retail traders to large whales suggests a redistribution of wealth within the Bitcoin ecosystem.
The upcoming Bitcoin halving event scheduled for April 19 is a key focus for market participants. The halving, which occurs every four years, reduces the miner rewards on the Bitcoin blockchain by half. Historically, the halving event has been associated with increased scarcity of Bitcoin, leading to higher demand and a subsequent rise in price.
Market Performance
As of the latest data from CoinMarketCap, Bitcoin is currently trading at $67,521, reflecting a marginal decline over the past day and week. However, on a monthly and year-to-date basis, Bitcoin has shown significant growth, with an increase of 6.43% and 140.65%, respectively. The digital asset continues to maintain its position as the largest cryptocurrency by market capitalization, standing at $1.33 trillion.
The consistent accumulation trend observed among Bitcoin whales, coupled with the impending halving event, paints a bullish picture for the future price trajectory of Bitcoin. The redistribution of ownership from retail traders to large stakeholders indicates a shifting landscape within the Bitcoin market. As always, investors are advised to conduct thorough research and consider the risks associated with investing in cryptocurrencies.
Leave a Reply