Increasing investments of crypto whales in Bitcoin may indicate the end of the pre-halving decline.
According to data shared by the on-chain analytics firm Santiment, crypto whales spent the last weekend buying Bitcoin.
Whales holding between 10,000 and 10,000 Bitcoins caused a massive volume by collecting 51,959 BTC on March 24th. These transactions led to the purchase of only 0.263% of Bitcoin’s circulating supply in just one day. Following these purchases, Bitcoin moving from $64,000 to about $70,000 drew attention.
With only about 3 weeks until the Bitcoin halving, aggressive purchasing by the whales suggested the end of the pre-halving correction.
Popular analyst Rekt Capital, commented that if the declines experienced last week remain as the final reductions before halving, it will present a historically significant picture:
If the drops experienced last week end up being the end of the pre-halving correction, then Bitcoin’s pullback will be almost identical to the one before the 2020 halving. In this cycle, Bitcoin pulled back by 18% before halving, while it experienced a drop of just a little over -19% in 2020.
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