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Bitcoin Whale Accumulation Continues Despite BTC Price Volatility

Despite the subdued inflows into spot Bitcoin ETFs in the past four weeks, on-chain activity shows strong accumulation by Bitcoin whales over the past month. BTC price to follow?
By Bhushan Akolkar
April 16, 2024
crypto whale news Bitcoin

Highlights

  • Bitcoin whale cohorts have been accumulating throughout the last month despite price volatility.
  • Bitcoin ETF demand drop has no impact on on-chain Bitcoin whale activity.
  • Bitcoin market dominance hits three-year high ahead of BTC halving.

The world’s largest cryptocurrency Bitcoin (BTC) has continued to show strong volatility ahead of the much-awaited Bitcoin halving and the global macro impact. After making a move to $67,000 in the Asian trading hours on Monday, April 15, the BTC price cracked once again to $62,500. Despite this price volatility, the Bitcoin whales have continued to show confidence accumulating at every dip.

Bitcoin Whale Accumulation

Bitcoin’s major stakeholders have shown resilience in the face of market turbulence, holding onto their positions despite volatile fluctuations that saw the leading cryptocurrency’s market value drop to as low as $61.5K over the past weekend, according to recent insights provided by on-chain data specialist Santiment.

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As uncertainty looms with the impending April 19th halving, Santiment’s analysis sheds light on the behavior of significant whale groups since March 1st:

  • Wallets holding between 100 to 1,000 BTC have accumulated a total of 43,489 coins, amounting to approximately $2.75 billion USD.
  • Wallets with holdings ranging from 1,000 to 10,000 BTC have accumulated 80,544 coins, valued at around $5.10 billion USD.
  • Meanwhile, wallets containing 10,000 to 100,000 BTC have accumulated 91,732 coins, with a total value of approximately $5.80 billion USD.
Courtesy: Sanitment

On the other hand, the Bitcoin ETFs continue to see subdued investor demand starting the third week of April with net negative outflows. For four consecutive weeks, demand for Bitcoin ETFs has remained stagnant. However, on-chain accumulation activity remains notably active, even when excluding transactions related to ETF settlements.

BTC Market Dominance at Three-Year High

Bitcoin’s dominance in the cryptocurrency market has reached a three-year high, fueled by strong demand for US exchange-traded funds (ETFs) holding the leading digital asset.

As of the end of last week, Bitcoin represented nearly 55% of the total $2.4 trillion market for virtual currencies, a level not seen since April 2021, according to data from CoinMarketCap.

Speculators in the crypto market are eagerly anticipating the upcoming Bitcoin halving, expected to occur around April 20, which will cut the new token supply in half. Historically, previous halving events have boosted prices, but there are increasing doubts about the likelihood of a similar outcome this time, especially as Bitcoin recently reached a historic peak.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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