Rally

2024

Bitcoin ETF

Bitcoin

It’s been a phenomenal start to the year 2024 for Bitcoin with the launch of the spot Bitcoin ETFs in January driving strong institutional interest in the cryptocurrency. Since the beginning of 2024, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) price</a> is up by 53% despite its current fall to the $67,000 level.
<h3 id="bitcoin-whale-accumulation">Bitcoin Whale Accumulation</h3>
Amid the current BTC price drop from its all-time high of around $73,500, investors remain confused as to where is Bitcoin heading next especially with the fourth Bitcoin halving around the corner. The upcoming Bitcoin halving will reduce the miner rewards from 6.25 BTC currently to 3.125 BTC.
Aware of this upcoming supply shock, Bitcoin whales have been accumulating in big numbers throughout the first quarter of 2024.
In the last three months, Bitcoin’s significant stakeholders, holding 100-100K $BTC, have accumulated a combined total of 319,310 BTC, equivalent to approximately 1.4% of the supply. Conversely, wallets holding 0-100 $BTC have disposed of 105,260 $BTC, amounting to a decrease of 0.7% of the supply.
This trend presents a bullish indication for BTC and the broader cryptocurrency market. It suggests that influential wallets, with a substantial ability to impact market movements, exhibit confidence in Bitcoin’s future value. This observation is particularly notable as it coincides with the final two weeks leading up to the April 19th halving event.
<figure id="attachment_190021" aria-describedby="caption-attachment-190021" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-190021" src="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Whale-Accumulation.jpeg" alt="" width="2587" height="1744" srcset="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Whale-Accumulation.jpeg 2587w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Whale-Accumulation-300x202.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Whale-Accumulation-1224x825.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Whale-Accumulation-768x518.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Whale-Accumulation-1536x1035.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Whale-Accumulation-2048x1381.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Whale-Accumulation-150x101.jpeg 150w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Whale-Accumulation-272x182.jpeg 272w" sizes="(max-width: 2587px) 100vw, 2587px">
 <figcaption id="caption-attachment-190021" class="wp-caption-text">
 Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/santimentfeed/status/1776364283464692071" target="_blank">Santiment</a>
 </figcaption>
</figure>
<h3 id="key-factors-impacting-btc-price-ahead">Key Factors Impacting BTC Price Ahead</h3>
QCP Capital, a prominent crypto analysis firm, has <a rel="noopener noreferrer nofollow" href="https://t.me/QCPbroadcast/1186" target="_blank">noted</a> a surge in bullish sentiment surrounding Bitcoin (BTC) despite its recent tight trading range. This optimism is attributed to several key factors.
Firstly, there has been a notable increase in <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a> inflows over the past few days, reaching up to $432 million this week. Moreover, there has been consistent large-scale buying of Bitcoin calls, contrasting with significant selling of ETH calls in the market.
Additionally, BTC has seen a reduction in leverage, as evidenced by flat perp funding and a downward trend in the rest of the forward curve. This shift suggests a more cautious approach among traders, potentially contributing to a more stable market environment.
Furthermore, the upcoming Bitcoin halving narrative is also cited as a contributing factor to the bullish sentiment surrounding the leading cryptocurrency.
The post <a href="https://coingape.com/massive-bitcoin-whale-accumulation-ahead-of-halving-btc-price-rally-ahead/" rel="noopener noreferrer nofollow">Massive Bitcoin Whale Accumulation Ahead of Halving, BTC Price Rally Ahead?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Massive Bitcoin Whale Accumulation Ahead of Halving, BTC Price Rally Ahead?

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