As the dawn of 2024 broke, Bitcoin exploded onto the scene, rocketing over 73% higher in the first quarter to set a new record of $73,750. Despite a tumultuous price roller-coaster in the last month that saw a slight tumble from this highpoint, the major players in the Bitcoin market showed a steady uptick in investment throughout the first three months of the year. This indicates a firm belief in the profitability of this cryptocurrency as we approach the upcoming important event known as “halving.”
The largest Bitcoin investors, often referred to as “whales,” have continued to acquire large totals of Bitcoin. During the past three months, these Bitcoin behemoths, those who possess between 100 and 100,000 Bitcoin, have made a total purchase of 319,310 Bitcoin; a staggering amount valued at around $21.6 billion.
According to the blockchain analytics platform, Santiment, a significant amount of these newly procured Bitcoin tokens have been transferred from retail traders. These smaller-scale operators, managing anything from 0 to 100 Bitcoin, offloaded a total of 105,260 Bitcoin. This amount equates to roughly $7.2 billion and a significant 0.7% of Bitcoin’s circulating supply, all within the same three-month period.
In holistic terms, the Bitcoin whales have managed to increase their share of the market by 1.4% over the last quarter. This surge in control is a promising sign as we approach the ‘halving,’ scheduled to happen on April 19. This well-known event, occurring every four years, involves a programmed decrease in the number of miners’ rewards on the Bitcoin blockchain by 50%.
Traditionally, the “halving” event is seen as a positive influence on the Bitcoin market. This is partly because it adds to the scarcity of the asset, driving up demand, and subsequently driving up the market price in the long term. That noted, current trends seem to align with this widely-held notion. The continued acquisition of Bitcoin by the ‘whales’ ahead of the upcoming ‘halving’ event signals a bullish optimism, indicating great confidence in the future value of the asset.
Taking a snapshot of Bitcoin’s current stance according to the comprehensive CoinMarketCap data, Bitcoin sits comfortably at a trading price of $67,521. Although this reflects a marginal dip of 0.01% in the last day, and 3.51% over the past seven days, the monthly gains paint a brighter picture. The largest cryptocurrency by market cap has risen by 6.43% over the last month, resulting in an astonishing year-to-date increase of 140.65%.
Despite its recent fluctuations, stroked by the ebb and flow of the market, Bitcoin remains a heavyweight contender in the world of digital assets. With a market capitalization of a whopping $1.33 trillion, this seminal cryptocurrency continues to demonstrate its true might, maintaining its position as the largest digital asset in the world. With anticipation building as we inch closer to the pivotal Bitcoin halving event, all eyes remain firmly on the trajectory of the world’s most famous digital currency.
