It’s been a phenomenal start to the year 2024 for Bitcoin with the launch of the spot Bitcoin ETFs in January driving strong institutional interest in the cryptocurrency. Since the beginning of 2024, the Bitcoin (BTC) price is up by 53% despite its current fall to the $67,000 level.
Amid the current BTC price drop from its all-time high of around $73,500, investors remain confused as to where is Bitcoin heading next especially with the fourth Bitcoin halving around the corner. The upcoming Bitcoin halving will reduce the miner rewards from 6.25 BTC currently to 3.125 BTC.
Aware of this upcoming supply shock, Bitcoin whales have been accumulating in big numbers throughout the first quarter of 2024.
In the last three months, Bitcoin’s significant stakeholders, holding 100-100K $BTC, have accumulated a combined total of 319,310 BTC, equivalent to approximately 1.4% of the supply. Conversely, wallets holding 0-100 $BTC have disposed of 105,260 $BTC, amounting to a decrease of 0.7% of the supply.
This trend presents a bullish indication for BTC and the broader cryptocurrency market. It suggests that influential wallets, with a substantial ability to impact market movements, exhibit confidence in Bitcoin’s future value. This observation is particularly notable as it coincides with the final two weeks leading up to the April 19th halving event.
QCP Capital, a prominent crypto analysis firm, has noted a surge in bullish sentiment surrounding Bitcoin (BTC) despite its recent tight trading range. This optimism is attributed to several key factors.
Firstly, there has been a notable increase in spot Bitcoin ETF inflows over the past few days, reaching up to $432 million this week. Moreover, there has been consistent large-scale buying of Bitcoin calls, contrasting with significant selling of ETH calls in the market.
Additionally, BTC has seen a reduction in leverage, as evidenced by flat perp funding and a downward trend in the rest of the forward curve. This shift suggests a more cautious approach among traders, potentially contributing to a more stable market environment.
Furthermore, the upcoming Bitcoin halving narrative is also cited as a contributing factor to the bullish sentiment surrounding the leading cryptocurrency.
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