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The most significant event for Bitcoin is the halving expected in 2024, projected to occur around April. Consequently, BTC has experienced notable fluctuations leading up to the halving, characterized by accumulation and selling. The latest data from Arkham Intelligence indicates significant activity by Grayscale over the past 19 hours.
Grayscale has been actively depositing multiple batches of Bitcoin into Coinbase, indicating their selling strategy is still ongoing.
Analysis by AMBCrypto on the total deposit amount during this period shows a total of 3625.097 Bitcoins. At the time of writing, the value of this deposit is approximately $156.1 million, with a price range around $43,000.
While Grayscale focuses on selling, MicroStrategy remains dedicated to accumulation. Lookonchain data reveals that from December 27th to February 5th, MicroStrategy has purchased a total of 850 BTC.
This recent accumulation has brought MicroStrategy's total Bitcoin holdings to 190,000 coins, valued at approximately $81.5 billion.
Additionally, at the current prices, MicroStrategy has realized approximately $2 billion in profits from its strategic accumulation.
Bitcoin whales continue to accumulate. Research by AMBCrypto on Bitcoin whale trends shows a significant response to the accumulation pattern rather than selling.
Furthermore, analysis by Glassnode indicates a significant increase in the number of whales, with approximately 1,578 whales holding balances exceeding 1,000 BTC.
This number marks the first observation of such a large number of whales in nearly ten months.
There appears to be a trend of growing confidence and accumulation among whales, reflecting their trust in the Bitcoin market rather than panic.
BTC sees more inflows; analysis of CryptoQuant data shows that during February 5th to 6th, over 7,000 BTC were deposited into exchanges.
This positive net flow suggests more BTC being added to exchanges for potential selling compared to the amount withdrawn during the same period.
At the time of writing, BTC faces challenges in maintaining the $43,000 price range, with less than a 1% increase.
Its trading price is approximately $43,170, with its position remaining above the neutral line on the Relative Strength Index (RSI).
A bullish market has long been anticipated, and the upcoming halving is expected to contribute to potential market upsurge. |
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Post time 21-2-2024 08:07:07