thecryptobasic.com
The largest tier of Bitcoin holders has restocked nearly 20K BTC with a monetary value averaging $1.235 billion just before the 2024 Bitcoin halving.
As the Bitcoin network is expected to undergo a halving today, a historical pattern of accumulation has re-emerged on the side of BTC whales.
Prominent market intelligence firm IntoTheBlock recently called attention to this trend in a recent post in X. IntoTheBlock disclosed that Bitcoin whales may have begun buying BTC dips building up to the Bitcoin halving.
Giant Bitcoin Whales Buy Dip
In the latest update, the intelligence platform noted that the largest Bitcoin holders collectively increased their holdings by 19,760 BTC tokens yesterday, April 18. This group of Bitcoin holders accounts for over 0.1% of the total circulating Bitcoin.
According to the report, they took on this latest accumulation at an average of $62,500 per BTC. This suggests that the Bitcoin whales have expended a staggering $1,235,000,000 to reload their holdings after multiple weeks of bearish volatility.
Bitcoin whales may have finally started buying the dip👇
Yesterday, the biggest Bitcoin holders, holding over 0.1% of the total supply, collectively added 19,760 Bitcoins to their holdings at an average price of $62.5k. Historically, accumulations by these addresses have often… pic.twitter.com/c8K5uhkna4
— IntoTheBlock (@intotheblock) April 19, 2024
This massive acquisition has emerged as Bitcoin revisited the $59K range in the last 24 hours. Before this drop, Bitcoin experienced a 10% decline to $60,900 last Saturday. It flashed a false signal of a recovery when it rallied back to $66,878 before plummeting below $60K days later.
During the market turbulence, IntoTheBlock confirmed yesterday that these whales had not begun accumulating more tokens at the time, further depleting their holdings.
Remarkably, this latest $1.23 billion accumulation has positively impacted the asset’s price. Bitcoin has reached a high of $65,481 at press time from the $59,651 dip, marking a 9.77% gain in the last 24 hours.
A Prelude to More Significant Gains
Meanwhile, IntoTheBlock suggested this recent gain could be a preamble to a much larger bull rally. In particular, IntoTheBlock emphasized that historically, accumulations by these major Bitcoin holders have frequently foreshadowed substantial increases in Bitcoin’s price.
Furthermore, in an earlier update, the market intelligence platform presented a chart illustrating Bitcoin’s trajectory following each halving event. The graph depicted a recurring bullish trend that lasted approximately a year following the halving, during which Bitcoin’s price typically more than doubled.
For instance, after Bitcoin halved in May 2020 with a low of $8,700. Precisely a year later, the premier crypto had clinched the $64K price point.
It is worth mentioning that Bitcoin encountered a significant price correction after the surge to $64K before the comeback that drove it to the $68K all-time high. Overall, Bitcoin recorded over a 700% gain after the 2020 halving.