Bitcoin whales have made huge purchases, showing that market sentiment is increasing as the halving approaches.On-chain data from bit information chart A slight increase in price over the past 24 hours shows an inflow of 15,745 BTC on April 6th.
Despite the market remaining flat, the bullish trend continues, with analysts expecting further gains before the halving. Whales continue to influence trends in cryptocurrencies, especially during key periods of bullish cycles.
Asset movements after the crash
With the correction after BTC price broke above $70,000, a big move could ignite the bulls and cause an uptick in market activity. At the time of writing, Bitcoin is trading at $68,063, up 0.4% in the past 24 hours. Experts suggest that the BTC price slump may have sparked a new bullish move ahead of a future rally.
Cryptocurrency commentator Marty Partey wrote on X (formerly Twitter) that whales are buying the dip in price before a slight rally, and whales are moving assets out of centralized crypto exchange OKX.
“Whale movement: 30 minutes ago, 15,745 Bitcoins were purchased for $68,079 and moved from @okx – valued at $1.06 billion. The whale bought a push right before the bounce. Wallet: bc1qa87h3yv648nmngfjplskkcq238q7xz4g00575r”
Transferring assets from centralized exchange indicates a strong urge to hold for the long term, while transfers to exchanges indicate selling pressure. This is because Bitcoins are easily sold on exchanges and held by other custodians for long periods of time.
Bitcoin predicts increased whale activity
In another development, bitcoin whale They have resumed their activities after a 10-year hiatus. The whale, which holds 1,701 BTC worth 115 million BTC, sent a total of 246 BTC to two addresses.
Although the motive remains unclear, the upcoming halving is seen as a bullish phase for the asset and has been called into question. Bitcoin miners have also redeployed assets to exchanges and reserves ahead of the halving, coupled with a rise in hashrate.
The recent surge in Bitcoin prices has been driven by huge inflows following the approval of spot ETFs by the U.S. Securities and Exchange Commission (SEC).
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