Bitcoin Stable at $43K, Whales Accumulate BTC Ahead of 2024 Halving

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Bitcoin Halving 2024: Accumulation and Sale

Bitcoin influences have increased in recent days, but the price remains in the range of $43,000. Grayscale sold over 3,000 BTCs in the last 24 hours. MicroStrategy now holds 1% of the total circulating BTC. The most significant event for Bitcoin [BTC] is the halving 2024, which is expected to take place in April. BTC recorded remarkable movements in the run-up to the halving, characterized by both accumulations and sales.

Bitcoin Sees Accumulation and Sale

Recent data from Arkham Intelligence show significant activity from Grayscale in the last 19 hours. Grayscale has deposited several Bitcoin batches at Coinbase, indicating a continuation of its sales strategy. AMBCrypto’s analysis of the total deposits made during this period revealed a total of 3,625.097 Bitcoins. The deposit was estimated at about $156.1 million at the time of the press release in the price range of $43,000.

While Grayscale has been selling, MicroStrategy has focused on accumulation. Lookonchain showed that MicroStrategy purchased a total of 850 BTC between December 27th and February 5th. This recent accumulation brings MicroStrategy’s total Bitcoin holdings to 190,000, with a market value of around $815 billion.

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Bitcoin Whales Continue Accumulation

AMBCrypto’s investigation of Bitcoin’s whale trend showed a remarkable response to the accumulation pattern rather than the sale. In addition, our analysis of Glassnode showed a significant increase in the number of whales. At the time of writing, there were about 1,578 whales with a balance of over 1,000 BTC.

BTC Sees More Inflow

Analysis of data from CryptoQuant showed that over 7,000 Bitcoins were deposited on exchanges between February 5th and 6th. This positive net inflow showed that more BTCs were added for potential sale on exchanges than were withdrawn during this period.

Anticipation of Bull Run and Halving

There is ongoing anticipation of a bull run, and the upcoming halving is expected to contribute to the strength of this potential market rise.

Sources: Arkham Intelligence, Lookonchain, Glassnode, CryptoQuant.

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Last update: 24. June 2024

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