Bitcoin whales, or individuals holding large amounts of Bitcoin, acquired over $1 billion worth of the cryptocurrency during its price dip on Thursday, according to crypto analytics firm IntoTheBlock. These whales, who possess more than 0.1% of the total Bitcoin supply, collectively purchased 19,760 Bitcoins, equivalent to $1.235 billion, at an average price of $62,500 per coin. IntoTheBlock suggests that such accumulations by these addresses have historically preceded price increases in Bitcoin.
Furthermore, IntoTheBlock reports that miners’ Bitcoin holdings reached a 12-year low ahead of the halving event on Friday night. This indicates that miners have been selling more Bitcoin leading up to the event, which reduced Bitcoin’s block rewards from 6.25 BTC ($398,134) to 3.125 BTC ($199,067).
The analytics firm also analyzes the historical price impact of Bitcoin halvings, noting that a bullish trend typically emerges for approximately one year after each halving.
In addition, IntoTheBlock reveals that $180 million worth of Bitcoin left centralized exchanges this week, marking the sixth consecutive week of net outflows for the cryptocurrency. As for Ethereum, $0.5 billion worth of the cryptocurrency was withdrawn from centralized exchanges this week, the highest amount since February.
At the time of writing, Bitcoin is trading at $63,921, while Ethereum is trading at $3,057.
Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, the source of this article, does not recommend the buying or selling of any cryptocurrencies or digital assets, and it is not an investment advisor.
