A Bitcoin whale has made a huge purchase signalling increasing market sentiment as the halving approaches. On-chain data from BitInfoCharts shows an inflow of 15,745 BTC on April 6 amid the slight increase in prices in the last 24 hours.
Despite the market trading sideways, bullish activity remains with analysts projecting more gains before the halving. Whales continue to influence the trend of cryptocurrencies, especially during key periods in a bullish cycle.
Asset Movement After Slump
With corrections in BTC price after it pierced $70,000, huge movements can ignite bulls sparking increased market activity. At press time, Bitcoin trades at $68,063, a 0.4% rise in the last 24 hours. Experts suggest that the slump in the price of BTC might have awakened new bullish activity before a future rise.
MartyParty, a crypto commentator wrote on X (formerly Twitter) on the whale buying the price dip before the slight increase and the whale moving the assets out of the centralized crypto exchange, OKX.
“Whale movements: 30 min ago 15,745 Bitcoin was bought at $68079 and moved off @okx – worth $1.06b. A whale bought the dip right before the bounce.Wallet: bc1qa87h3yv648nmngfjplskkcq238q7xz4g00575r.”
The movement of assets out of centralized exchanges shows a higher urge to hold for a long time while transfers to exchanges signify selling pressures. This is because Bitcoin is easily sold on exchanges and held longer by other custodians.
Bitcoin Projections Increases Whale Activity
In another development, a Bitcoin whale has resumed activity after a decade of dormancy. The whale holding 1,701 BTC valued at $115 million BTC transferred a total of 246 BTC to two addresses.
Although motives remain unknown, the upcoming halving has come into question as it is seen as a bullish phase for the asset. Bitcoin miners have also repositioned assets on exchanges and in reserves ahead of the halving coupled with increasing hash rates.
The recent surge in the price of Bitcoin comes following huge inflows after the approval of spot ETFs by the United States Securities and Exchange Commission (SEC).
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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.
