Whales Scoop Up $1,235,000,000 Worth of Bitcoin During BTC’s Price Decline on Thursday: By IntoTheBlock – The Daily Hodl
According to crypto analytics firm IntoTheBlock, Bitcoin whales acquired over $1 billion worth of BTC during a price dip on Thursday.
Whales, who hold more than 0.1% of the total BTC supply, gathered 19,760 Bitcoins valued at $1.235 billion, with an average price of $62,500 per coin, as noted by IntoTheBlock.
The firm explains that such accumulations by these addresses have historically signaled increases in Bitcoin’s price.
Another observation by IntoTheBlock states that miners’ BTC holdings dropped to a 12-year low before the halving on Friday night, suggesting that miners have been selling leading up to the event, which reduced Bitcoin’s block rewards from 6.25 BTC ($398,134) to 3.125 BTC ($199,067), as seen in IntoTheBlock’s tweet.
The firm also analyzes the historical price impact of Bitcoin halvings, showing a bullish trend emerging typically lasting about a year after each halving event.
Furthermore, $180 million worth of Bitcoin left centralized exchanges this week marking six consecutive weeks of net outflows for the top crypto asset, as highlighted by IntoTheBlock.
At the time of writing, Bitcoin is priced at $63,921.
IntoTheBlock also mentions that $0.5 billion worth of Ethereum (ETH) was withdrawn from centralized exchanges this week, the highest amount since February, while Ethereum is currently trading at $3,057.
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The Daily Hodl reminds investors that opinions expressed are not investment advice, and due diligence should be carried out before engaging in high-risk investments with Bitcoin, cryptocurrency, or digital assets.
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