Bitcoin Whales Continue to Accumulate: $5 Billion Added in 10 Days Sparks Market Speculation
The value of Bitcoin, the leading cryptocurrency, has been soaring to unprecedented heights in recent months, surpassing the $50,000 threshold for the first time since December 2021. However, it appears that BTC whales are not satisfied and are actively accumulating even more.
With Bitcoin currently trading above $52,000, its price has surged by almost 100% over the past six months. This remarkable growth can be attributed to the anticipation surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, which have garnered significant demand for the cryptocurrency. Since their inception, these ETFs have attracted a net flow of over $4.5 billion, as reported by BitMEX Research.
Renowned cryptocurrency analyst Ali Martinez has highlighted that Bitcoin whales, referring to addresses holding substantial amounts of BTC, have collectively acquired over 100,000 BTC in the last ten days, amounting to a staggering $5 billion in accumulation.
It remains unclear whether the figures include addresses associated with spot Bitcoin ETFs. Nevertheless, this underscores the mounting pressure on Bitcoin’s supply as the upcoming halving event in April draws closer. During the halving, the reward for miners who discover new blocks will be reduced, potentially leading to a supply shock.
Numerous analysts have made bullish predictions for Bitcoin’s price, taking into account the potential impact of the halving. Considering that the new supply of BTC entering the market will be halved, some anticipate a significant boost to its value.
Tuur Demeester, a prominent cryptocurrency analyst and early Bitcoin advocate, has projected that Bitcoin’s worth will surge between $200,000 and $600,000 by 2026. He attributes this exponential growth to the trillions of dollars of government bailouts and stimulus injected into the economy.
Similarly, Anthony Scaramucci, the founder of SkyBridge Capital, maintains that a substantial price increase for Bitcoin is on the horizon. By multiplying the price of Bitcoin during the halving by four, Scaramucci believes that his conservative price prediction of $170,000 accurately reflects the current momentum.
As Bitcoin whales continue to accumulate and market speculation intensifies, the future of the cryptocurrency remains highly intriguing.
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