According to the latest data, whales are preparing for a possible Bitcoin price rally. The current ratio of whales on spot exchanges, tracked via a 30-day moving average, mirrors the patterns seen after the COVID crash in 2020, according to CryptoQuant. This suggests that large Bitcoin holders are actively accumulating coins.

Whales Accumulate Bitcoin in Anticipation of 2024 Halving Impact

There are several reasons behind this behavior. One possible explanation is that whales are positioning themselves ahead of the Bitcoin halving. In the past, halvings have contributed to a price increase due to a reduction in the bonus for mining new blocks. Due to constant demand and previous halvings reducing the supply by half, this often leads to a price increase.

For this reason, most whales might aspire to hold as many Bitcoins as possible before the Bitcoin halving. In this way, they plan to profit from the price increases that normally occur after the fact, given that the availability of Bitcoins is likely to be put under pressure due to the reduction in production.

Whales Boost Bitcoin Holdings, Eye Long-Term Gains After Halving

Other similar trends revealed by the authors are the increase in the whale ratio on spot exchanges, which indicates that large investors are preparing for a large-scale market operation. As whales grow, they acquire the ability to set certain trends in the market, including the ability to increase prices or ensure that they remain relatively stable during turbulent times.