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Bitcoin Whales Maintain Positive Accumulation Behavior Ahead Of 2024 Halving: Report

Bitcoin began 2024 with a blast gaining by over 73% in the first quarter of the year to establish a new all-time high price of $73,750. And although BTC soon declined from this value following a turbulent price movement in the last month, its biggest stakeholders have shown a consistent accumulation trend throughout the first three months of 2024, indicating a high confidence in the asset’s profitability ahead of the upcoming halving event. 

Bitcoin Whales Acquire $21.6 Billion BTC, Boost Market Dominance By 1.4% As Halving Nears

In an X post on Friday, blockchain analytics platform Santiment shared that Bitcoin whales are still maintaining the “right direction” in regard to their accumulation pattern. Santiment reported that these whales, which represent holders of 100-100,000 BTC, purchased a total of 319,310 BTC (valued at $21.6 billion) in the last three months. 

This report also stated that a significant portion of the newly acquired tokens came from retail traders, i.e., holders of 0-100 BTC, who collectively offloaded 105,260 BTC, valued at $7.2 billion and 0.7% of BTC’s circulating supply, within the same time frame.

In general, BTC whales increased their market share by 1.4% in the last three months, which is interpreted as a rather positive sign ahead of the highly anticipated Bitcoin halving on April 19. For context, the Bitcoin halving, which occurs every four years, is a network-programmed event during which the amount of miners’ rewards on the Bitcoin blockchain is reduced by half. 

Generally, the Bitcoin halving is regarded as a positive event that results in asset scarcity, thus driving up demand and market price in the long term. This notion may just remain true as Santiment describes the increased accumulation by BTC whales heading into the final weeks before the next halving as a bullish signal, indicating high confidence in the asset’s future valuation.

BTC Price Overview 

According to data from CoinMarketCap, Bitcoin currently trades at $67,521, reflecting a decline of 0.01% and 3.51% in the last day and seven days, respectively. In tandem, the daily trading volume of the digital coin is also down by 6.80% and valued at $32.35 million.

However, BTC is up by 6.43% on its monthly chart adding to an impressive year-to-date increase of 140.65%. With a market cap of $1.33 trillion, the maiden cryptocurrency remains the largest digital asset in the world. 

BitcoinBTC trading at $67,504 on the daily chart | Source: BTCUSDT chart on Tradingview.com

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The Road To $100,000: Bitcoin Whale Accumulation Explodes

Bitcoin reaching $100,000 remains a highly feasible target, especially given the fact that the price of the cryptocurrency hit a new all-time high above $73,00 ahead of the halving. In preparation of the explosive move that is expected to follow the halving, Bitcoin whales are going all out as they fill up their wallets with BTC.

Large Bitcoin Whales Buy More BTC

As the Bitcoin price has retraced from its surge, large Bitcoin whales are taking advantage of the dip to buy more coins at cheap prices. These whales, which hold at least 1,000 BTC – which means they have $70 million on the low end, have bought up a large tranche of coins over the last three months.

Since January, there has been a steady climb in the number of wallets that hold at least 1,000 as interest continues to grow. A lot of this interest is driven by institutional investors who are putting billions of dollars into Spot Bitcoin ETFs. Now, with the condition that issuers have to hold the BTC they sell to customers, it has seen these institutions buy up a good chunk of the supply.

The number of addresses holding at least 1,000 BTC was sitting at less than 1,500 at the beginning of the year. However, by March, with institutions ramping up their buys, this number has climbed to 1,617. This is an 8% increase in the number of these large whales in the last three months.

Bitcoin whales

To put this increase in perspective, the last time that there were these many whales holding this much BTC was back in 2021 at the peak of the bull market. So, if this number is rising once again, it means that these large investors are expecting the price to rise, and as a result, are trying to maximize their profits.

Spot ETF Inflows See 2,600% Spike

After a week of consistent outflows, inflows into the Spot Bitcoin ETFs are starting to ramp up once again. For the first day of the week, inflows climbed to $14.5 million, bringing a welcome change from the almost $900 million worth of outflows that was recorded in the prior week.

This change in the tide seems to have brought renewed interest for investors as Tuesday saw a whopping 2,600% increase in inflows. In total, there $418 million recorded going into Spot BTC ETFs on Tuesday, one of the highest inflow days since the ETFs were approved.

This change in direction is also evident in the Bitcoin price, which has recovered from last week’s low of $60,000. The price has since sprung back up above $70,000, with a 10% increase in the last week. This also validates the whales’ moves to acquire more Bitcoin, putting the vast majority of their holdings in profit.

Now, as seen in the past, a return of high inflows into the Spot ETFs has always been bullish for the price. So, if the inflows were to continue throughout this week, then the price of Bitcoin could register a brand new all-time high ahead of the halving.

Bitcoin price chart from Tradingview.com

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Bitcoin Whales Remove A Staggering $2.3 Billion From Exchanges, Is It Time To Buy?

Bitcoin whales have been very active in the past few days as the crypto continues to trade below $68,000. Notably, on-chain data has shown a trend of accumulation among Bitcoin whales, with large bouts of the cryptocurrency leaving crypto exchanges into private wallets.  These massive transfers appear to have piqued the interest of a few investors who are keeping a watchful eye, as this accumulation pattern points to a price increase up ahead. 

According to various posts by whale transaction tracker Whale Alerts, Bitcoin whales have recently transferred $2.3 billion worth of BTC in a span of 24 hours, indicating their bullish sentiment. Similarly, crypto analyst Ali Martinez recently revealed that over 25,000 BTC worth approximately $1.60 billion had been transferred into accumulation addresses.

Bitcoin Whale Accumulation Signal Price Surge Ahead

Bitcoin has largely traded below $69,000 since March 15, struggling to regain the momentum that saw it shooting past $70,000 earlier in the month. Interestingly, Bitcoin fell to as low as $61,766 last week, representing a 16% decline from its all-time high. 

Meanwhile, Spot Bitcoin ETFs saw consistent outflows throughout the week which was spearheaded by Grayscale’s GBTC and weak inflows into BlackRock’s IBIT and Fidelity’s FBTC. This decline became much of a concern for investors as it signaled the bullish sentiment surrounding BTC might finally be coming to an end.

However, on-chain data is now telling a different tale of a strong bullish sentiment from Bitcoin whales. Data from Whale Alerts show large amounts of BTC leaving crypto exchanges, one of which was a transfer of 8,136 BTC worth $517 million from Coinbase into a new private wallet. Shortly after, 8,172 BTC worth $519 million were transferred from Coinbase into another new private wallet. Interestingly, the different alerts from the whale tracker added up to $2.3 billion worth of BTC to and from crypto exchanges on March 22. 

Analyst Ali Martinez noted that these transfers added up to $1.6 billion being added into accumulation addresses, the largest inflow so far this year. 

According to CryptoQuant data, this accumulation trend has seen the Bitcoin reserves on exchanges on a downtrend since March 21. At the time of writing, the Bitcoin exchange reserve is at 1.98 million BTC. 

Basically, whale accumulation tends to swing the balance into bullish among other traders. Fundamentals surrounding Bitcoin like the upcoming halving point to price growth in the near future, making it an ideal time for investors to position themselves in the market. 

At the time of writing, Bitcoin is trading at $67,478. A key price level to watch is $69,000. If Bitcoin breaks above this resistance level, it could continue surging higher with the accumulation trend.

Bitcoin price chart from Tradingview.com

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Bitcoin Whales Enter Full Accumulation Mode: Here’s How Much BTC They Pulled From Exchanges

The Bitcoin price movement last week revealed a series of ups and downs, from starting the week at a new all-time high of  $73,780 to crashing 12% in the days after to reach below $65,000. Crypto data analysts have spotted massive amounts of Bitcoin being withdrawn from major exchanges during the period of uncertainty, indicating that large investors anticipate further price appreciation. 

According to a social media post by crypto analyst Ali Martinez, the total BTC balance on crypto exchanges fell by over 21,400 in the past week, with the creation of 13 new whales, each holding over 1,000 BTC.

BTC Withdrawal From Exchanges

Bitcoin crossed over $73,700 last week to register a new all-time high but has struggled to gain a footing above the price level. Interestingly, it would seem the new all-time high sparked a wave of profit-taking from some investors. However, on-chain and exchange data indicate Bitcoin is still undergoing a bullish sentiment from some investors, particularly large investors. 

Crypto analyst Ali Martinez noted this bull accumulation pattern in a post on his social media platform X. According to a Glassnode chart shared by the analyst, the total amount of BTC on exchanges has been on a free-fall since the middle of January. Notably, the total BTC balance saw a brief increase in the first few days of March before resuming a free-fall on March 5. In the past week alone, 21,401 BTC were moved off crypto exchanges. 

Similarly, the crypto analytics platform IntoTheBlock noted this outflow pattern during the week. According to ITB, BTC withdrawal from crypto exchanges reached its highest point this year on March 15. Interestingly, $750 million worth of Bitcoin was withdrawn on this day, the highest since May 2023.

What Does This Mean For Bitcoin?

The Bitcoin ecosystem has witnessed serious money on the move since the beginning of the year, leading to a strong price surge for the cryptocurrency. However, this rally has since slowed down to spark a price correction, with market sentiment reaching the most negative sentiment toward BTC since December 2023. Bitcoin is currently trading at $68,201, down by 3.44% in the past seven days. 

After such a strong surge in price, it’s normal for the momentum to slow down as the market consolidates and decides on the next move. While momentum has slowed, the overall trend for Bitcoin remains bullish.

Judging by the massive amounts of Bitcoin pulled from exchanges recently, it looks like whales are gearing up for a continued rally. Bitcoin is now showing signs of a rally, and is now up by 5% in the past 24 hours. 

Bitcoin price chart from Tradingview.com

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Bitcoin Bull Rally Is Far From Over According To These Large Whales

Bitcoin has really heated up in the past few weeks, pushing its price above consecutive price resistances to reach new yearly highs. Bitcoin recently pushed past $44,000, registering gains of 15% in a 7-day timeframe. 

However, while the price gain can be partly attributed to hype around the spot Bitcoin ETFs, on-chain data shows increased activity among many big holders. According to the on-chain analytics platform Santiment, the recent surge in the price of BTC has been connected with an increase in the number of wallets holding more than 100 BTC.

Large Bitcoin Wallets Increase Purchases

An X post by Santiment has revealed the amount of wallets holding 100 BTC or more has been on the rise for four weeks. Bitcoin went through unprecedented gains in October, and whales and large holders holding between 100 and 1,000 BTC increased by 16 wallets. As a result, BTC continued on its price climb, pushing $30,000, the first of many to come in the following weeks. 

However, Santiment data shows that the number of large wallets saw a big drop-off on November 9, correlating with a brief period of profit-taking which saw Bitcoin drop from $37,000 to $35,500 by November 15. 

Things started to change by mid-November, indicating that the bull rally wasn’t slowing down. The number of whale addresses holding 100 BTC or more started to rise around this time period, and 48 of these whale wallets have returned in the past four weeks, indicating these large players have been busy stocking up on BTC during the rally. According to Santiment data, there are now around 16,000 of these wallets.

More BTC Gains In December?

December has historically been a mixed month of performance for Bitcoin. However, the last time the crypto registered price gains in October and November, it would go on to spike another 46.92% in December. A repeat could see Bitcoin reach above $55,000 before the end of the year.

The recent Bitcoin price rally is somehow different from past rallies, as potential catalysts for a price surge like the next halving and the launch of spot Bitcoin ETFs in the US are still yet to happen. Santiment’s on-chain metric regarding whale wallets reiterates the position of many crypto analysts predicting that the recent price surge is just the start of an extended bull run that will continue through 2024. 

Bitcoin is currently trading at $43,767 after briefly touching over $44,000 for a few hours. According to crypto analyst Ali Martinez, the TD Sequential indicator indicates a possible price pullback for BTC to the $37,000 support zone.

Bitcoin

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Bitcoin Whale Addresses See Unprecedented Jump, Is $30,000 Possible?

Bitcoin’s price performance last week may have disappointed investors, but there are indications of a growing momentum as the new week started. Bitcoin spiked up in the early hours of Monday to almost $28,000 before facing resistance that sent it back down. 

It would seem whales have been making moves to push BTC up, as indicated by the increasing number of whale wallets. New Bitcoin mid-whale addresses, meaning addresses holding between 100-1,000 BTC, saw a huge single-day increase recently, according to data from analytics firm Santiment. 

Unprecedented Growth in New Bitcoin Whale Addresses

On-chain data have shown, as was previously reported, that Bitcoin whales are increasing their holdings, with long-term holders adding more than 50,000 BTC to their wallets each month. A similar occurrence took place over the weekend when the number of Bitcoin wallets holding between 100 and 1,000 BTC experienced its largest jump this year. 

An X post by crypto on-chain analytic platform Santiment revealed that this metric grew by 16 more wallets, its largest since February 2022. During the same period, wallets between 10-100 BTC fell, indicating smaller wallets adding to their holdings to proceed to the next tier. 

Bitcoin whales

Will We See BTX Reach $30,000 Again Soon?

Whale addresses have increased by 117 BTC in the past 48 hours, worth roughly $3.2 million, as whales look to push price gains. Although on-chain signals currently point to bearish, the continued influx of investors accumulating Bitcoin could signal higher demand and price appreciation for the leading cryptocurrency. 

With whales stocking up their wallets, the 24-hour trading volume for Bitcoin climbed by 180.15%, and the price of Bitcoin increased by 3.26%. If the current pace is maintained, there is a significant likelihood that it will reach $30,000 by the end of this week. 

This push was likely aided by large amounts of older, stagnant coins that were finally moved. According to Santiment’s “Age Consumed” measure, which tracks the average age of cryptocurrencies that are traded, the most dormant BTX has changed wallets since July.

Bitcoin dormant activity

Bitcoin has a history of being used as a hedge against inflation, but its short-term price trajectory is currently hard to predict. There are many market factors that can either send the cryptocurrency up or spiraling downwards. 

One example is the SEC’s approval of spot Bitcoin applications, which many have hinted could signal the start of a new bull run to new highs. At the time of writing, BTC is trading at $27,740 and is looking to cross over $28,000.

Bitcoin price chart from Tradingview.com (BTC whales)

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Bitcoin Whales Wreck Bears, This Is What Happened Last Time They Were Active

Bitcoin whales have become active once again. While whale activity is normal and to be expected, the rate at which they purchase and accumulate coins can point to further movement in the market. Given that these investors control a large enough volume to affect the price of bitcoin, watching their every move can be beneficial as shown bypass data.

When whales begin moving BTC in large volumes, it can either signal a market dump or pump. In the same vein, it can also who how big money is dealing with the digital asset. These addresses which hold 1,000 or more bitcoin on their balance have significantly impacted the market movement with their accumulation trend in the past. Now, again, they have begun to accumulate.

Bitcoin Whales Are Stocking Up

Santiment has reported that the bitcoin mega whales are coming out of their shells to stock up on more of the asset. These whales who hold at least 1,000 BTC on their balances have taken purchasing bitcoin at a rapid rate. Over the span of 7 days, these wallets have stocked up on more than 220K BTC, almost $10 bitcoin worth of the digital asset.

Related Reading | Bitcoin Settles Above $43,000, But What Does The 4-Year Cycle Say?

This comes at a time when the price of bitcoin had dipped and the market had plunged into extreme fear. This meant that a lot of investors were wary of putting money into the market. But not these whales it seems. In one of the most rapid accumulation trends, these whales have now added a combined 1.06% of BTC’s total supply in a little over a month.

Santiment notes that the last time a rapid accumulation trend like this was recorded was two years ago in December of 2019.

🐳 Mega whales of #Bitcoin have accumulated significantly the past 7 weeks. Addresses with 1,000 $BTC or more have added a combined 220,000 $BTC to their combined wallets since December 23rd, the most rapid accumulation we've seen since September, 2019. https://t.co/RdVAg9FcP7 pic.twitter.com/gL1nJ18hyA

— Santiment (@santimentfeed) February 8, 2022

What Happened The Last Time Whales Accumulated?

As with any historical data, the accumulation of bitcoin by these whales has often had a profound impact on the market. Buying such a large amount of BTC in such a short period of time will no doubt have effects on the supply of the digital asset and by extension, the value of the asset.

Related Reading | XRP Price Surges – Is Ripple Winning The Fight Against SEC?

As noted in the report by Santiment, bitcoin whales had done the same thing back on December 23rd, 2019. Now, this was a pivotal time for the subsequent bull rally as it had begun in the next year. A significant uptick was noted in the value of the asset following the rapid accumulation by whales. This had seen an uptrend that continued until the market entered a full-blown bull rally.

Whales accumulate BTC before 2020 rally | Source: BTCUSD on TradingView.com

This is not to say that a bull rally is expected to immediately follow such an accumulation trend. However, it shows a strong correlation that a trend like this where supply is reduced helps to signal subsequent growth for an asset.

Combined with market sentiment moving out of fear territory into the positive, indicators point towards a continued uptrend. Although only a break above $46,000 would signal that the bull has effectively been triggered.

Featured image from Bitcoin News, chart from TradingView.com

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Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High

Bitcoin whales are not slowing down on their accumulation tour despite rising prices. Bitcoin has now hit $62K for the first time in five months and the market has rejoiced over this milestone. With more growth expected in the coming weeks, investors are making sure that they do not miss out on what the digital asset has to offer in terms of value.

BTC is now the de facto internet store of value, so investors are FOMO-ing into the asset. This has translated to a higher price for BTC. However, the majority holding is still skewed in favor of the whales. These addresses which hold 100 to 1,000 BTC on their balances are increasing the share of the total circulating supply which they command, and data shows that there has been an uptick in the number of whale addresses holding 100 to 1,000 BTC.

Related Reading | Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals

Addresses Holding 100 To 1,000 BTC Jumps 1.9%

A recent report from Santiment showed that the number of addresses holding between 100 and 1,000 BTC on their balances had grown in the past five weeks. A reported 254 new addresses had increased their holdings to join this category of whales, who now hold about 21.3% of the total bitcoin circulating supply.

BTC price trading north of $61K | Source: BTCUSD on TradingView.com

The 254 new addresses represent a 1.9% increase in the number of these whale holders, signaling more accumulation sentiment among bitcoin investors in the recent weeks. It is one of the fastest whale address growth in the history of the digital asset and as buy pressure continues to mount, it is expected that more addresses will add to their holdings to get above 100 BTC.

“The number of #Bitcoin addresses holding between 100 to 1,000 $BTC has grown substantially over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short time period. The number of #Bitcoin addresses holding between 100 to 1,000 $BTC has grown substantially over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short time period.” – Santiment report

Majority Of Bitcoin Holders Are In Profit

The profit margins seen from bitcoin investors have contributed to the accumulation patterns witnessed in the asset. Glassnode reported that the majority of bitcoin holders are in profit given the recent price surge. It is estimated that 99.02% of the entire circulating supply of BTC is in profit.

Related Reading | Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin

With bitcoin only about $3,000 less than its previous high, the analytics firm reported that there is only 0.98 BTC left in circulation that was spent at a higher price. These are the coins that were spent by investors between the $62K to $64K price ranges, and with the price of the digital asset targeting new all-time highs, it may not be long until 100% of BTC in circulation are held at a profit.

Featured image from Analytics Insight, chart from TradingView.com

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Crypto Sonar: The Sign That Whales Are Accumulating Bitcoin

Whales are accumulating Bitcoin again, as per the data released by CryptoQuant that shows deeply negative BTC netflow.

Yesterday, BTC dropped below $30k for the first time since the start of the year, but it quickly rebounded to around $32k.

Signs That Show Rising Bitcoin Accumulation

The “sign” to focus on here is BTC netflow to/from exchanges. To understand what it shows, first we will have to take a look at two specific terms, exchange inflow and outflow.

Exchange inflow is the number of coins deposited into exchange wallets. If it increases, it means that more people are sending their Bitcoin to exchanges, indicating a dump.

On the other hand, exchange outflow is the number of coins withdrawn from exchange wallets. If this value goes up, more people are sending their BTC to individual wallets, meaning they are buying more.

Related Reading | Extreme Fear In Crypto Market, Is It Time To Buy The Blood In Bitcoin?

As mentioned before, the relevant term here is exchange netflow, which is just the difference between the inflow and the outflow.

Exchange Netflow = Exchange inflow – Exchange Outflow

Now as per the data by CryptoQuant, here is how the Bitcoin exchange netflow graph looks like for the past 7 days:

Bitcoin netflow chart

BTC exchange netflow shows deep red | Source: CryptoQuant

As is clear from the chart, the Bitcoin netflow is showing deep negative behavior.

A negative netflow behavior means that more BTC is moving out of exchanges than in. For example, from the graph, 5k BTC moved out to individual wallets yesterday alone.

In the past week, the most Bitcoin that moved out was on between the 15th and the 16th, when in total 39k BTC moved out of exchanges.

The interesting thing is, such a large movement of coins must mean some whales have started accumulating.

Bitcoin Price

BTC has rebounded from the crash to below $30k, and seems to on a rise. In the last 24 hours, it’s up almost 18%. Though, when looking over the past 7 days, the cryptocurrency is still down 12%.

Related Reading | TA: Bitcoin Prints Bullish Pattern, Here’s Why 100 SMA Holds The Key

At the time of writing, the coin is trading around $34k. Here is a chart that shows the variation in BTC’s value over the past 4 months:

BTC gains a momentarily upwards trend after the latest crash | Source: BTCUSD on TradingView

It’s hard to say right now where the price will head next as it has been a chaotic few weeks. The current upwards trend is probably only temporary, however.

Some experts believe the market is going to go further down, but long-term it will go up.

One thing is for certain, though, with whales starting to accumulate more Bitcoin, there is surely some bullish sentiment around the market.