Bitcoin whales have gobbled up more than $1 billion worth of BTC on Thursday as the top crypto asset price tumbled, according to crypto analysis firm Into the Block.
Into the Block Note Whales, which hold more than 0.1% of the total Bitcoin supply, have amassed a total of 19,760 Bitcoins worth $1.235 billion, with an average price of $62,500 per coin.
In the office description,
“Historically, accumulation by these addresses has often preceded increases in Bitcoin prices.”
Into the Block too Note On Friday night, miners' BTC holdings hit a 12-year low ahead of the halving, as Bitcoin block rewards rose from 6.25 BTC ($398,134) to 3.125 BTC ($199,067). This shows that miners were net sellers until the curtailed event.
analysis company too analysis Historical price impact of Bitcoin halving.
“This chart shows BTC price performance after the Bitcoin halving. Typically, a bullish trend emerges and lasts about a year after each halving. ”
IntoTheBlock points out that $180 million worth of Bitcoin has left centralized exchanges this week, marking the sixth consecutive week of net outflows for the top crypto asset.
At the time of writing, Bitcoin is trading at $63,921.
IntoTheBlock also points out that $500 million worth of Ethereum (ETH) was withdrawn from centralized exchanges this week, the highest amount since February.
At the time of writing, Ethereum is trading at $3,057.
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