Bitcoin whales have increased their Bitcoin holdings over the past two months. Bitcoin has been performing well as it breaks through the $70,000 mark. Recently, BTC hit an all-time high of $73,737. However, it has been trading between $68,000 and $70,000 for several days. Many investors took profits after Bitcoin broke past all-time highs. However, large Bitcoin investors known as "Bitcoin whales" are still holding Bitcoin and are steadily increasing their holdings in anticipation of future price increases. Market intelligence firm data shows that the proportion of wallets holding 1,000 BTC to 10,000 BTC increased from 23% on January 1 to 25.17% on March 26.
Data shows that the number of Bitcoin whales moving Bitcoin is constantly increasing. On March 11, when BTC was trading between $65,000 and $69,000, Bitcoin whales moved large amounts of BTC from exchanges into self-hosted wallets, according to blockchain tracking and analytics firm Whale Alert. Notably, on March 25, a Bitcoin holder transferred 2,400 BTC worth $169.5 million from cryptocurrency exchange Coinbase to an unknown wallet. Another whale transferred approximately 4,797 Bitcoins from Coinbase to an unknown wallet, worth approximately $339 million.
BTC is preparing for the highly anticipated event “halving”
Coin Gabbar said that the main reason why Bitcoin whales continue to increase their holdings is the upcoming Bitcoin halving event. Whales are hoping that Bitcoin’s price will rise significantly after April’s halving event. Experts have made similar predictions for BTC. Although BTC has experienced a slight downturn in recent days, investors believe that this downturn will not last long and that Bitcoin will set new records in the coming days.
