56.89 F
May 22, 2024
PI Global Investments

Whales Gobble Up $1,235,000,000 Worth of Bitcoin Amid BTC’s Price Dip on Thursday: IntoTheBlock

Bitcoin whales gobbled up more than $1 billion worth of BTC amid the top crypto asset’s price dip on Thursday, according to the crypto analytics firm IntoTheBlock.

IntoTheBlock notes that whales holding more than 0.1% of the total BTC supply collectively accumulated 19,760 Bitcoins worth $1.235 billion, at an average price of $62,500 per coin.

Explains the firm,

“Historically, accumulations by these addresses have often preceded rises in Bitcoin’s price.”

Source: IntoTheBlock/X

IntoTheBlock also notes that miners’ BTC holdings hit a 12-year low going into the halving on Friday night, indicating that miners have been net sellers leading up to the event, which slashed 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.

“This chart shows BTC price performance after each Bitcoin halving. Typically, a bullish trend emerges, lasting approximately one year after each halving.”

Source: IntoTheBlock/X

IntoTheBlock notes that $180 million worth of Bitcoin left centralized exchanges this week, making it six consecutive weeks of net outflows for the top crypto asset.

Bitcoin is trading at $63,921 at time of writing.

IntoTheBlock also notes that $0.5 billion worth of Ethereum (ETH) was withdrawn from centralized exchanges this week, the highest amount since February.

Ethereum is trading at $3,057 at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Source link

Related posts

The Bitcoin Halving Is Set To Happen in April 2024, Here’s What To Expect


ETF Hype Over? Bitcoin (BTC) Price Dumped to 2024 Lows of $41.5K (Weekend Watch)


FBI Reportedly Subpoenas Brink Exec for Info on Bitcoin Event Tied to Dashjr’s Hack


Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.