The latest Bitcoin dip has had nothing on whales, as on-chain data reveals that they have been buying up the correction. About 73 new wallets have acquired 1,000 or more bitcoins, a 3.66% increment in two weeks.
The total number of wallets with 1,000 BTC or more has reached 2,069, up from 2,000 on January 24. Bitcoin price has, however, continued to hover around $43,000 with no significant increment.
Are Whales Back?
Bull runs are always characterized by massive increases in demand for cryptocurrencies, especially Bitcoin. The last bull run saw the total number of wallets with more than 1,000 bitcoins peak at 2,490.
However, the wallets have gone down as prolonged bears, crashed exchanges, and regulatory uncertainties have left the market in shambles. With data showing increased whale accumulation, the market might be set for another bullish rally.
Gearing up for Post-Halving
With about 71 days until the Bitcoin halving, whales seem to be gearing up for what is to come after the notoriously bullish event. Analysts consider this coming halving and the events that follow pretty special because of the demand the Securities and Exchange Commission’s (SEC) approved ETF would bring to the crypto market.
With the number of Bitcoin miners that can be mined being cut by half soon and the trillion-dollar influx that the ETF can bring, investors are excited that Bitcoin’s post-halving will be very exciting.
