Bitcoin has experienced a notable rebound, reclaiming the $71,000 price level, following one of the largest accumulation days in years, according to blockchain analytics firm Santiment.
Over the weekend, wallets categorized as ‘sharks’ and ‘whales’, holding between 10 and 10,000 coins, accumulated 51,959 BTC on March 24, valued at around $3.4 billion at the time. This accumulation represents 0.263% of the entire currently available supply in just one day.
As the Bitcoin halving approaches in three weeks, analysts anticipate continued accumulation by these wallets, potentially impacting the overall crypto market positively.
Bitcoin’s pre-halving retrace in the current cycle has been relatively shallow compared to previous cycles. It fell around 17% from its March 14 all-time high of $73,738 to $61,494 on March 20. This retrace closely matches the 2020 pre-halving retrace.
Crypto research firm Kaiko reported that selling intensified after the U.S. market close, indicating fragmented liquidity across exchanges and trading pairs.
At the time of writing, Bitcoin was trading up 5.2% on the day at $70,252, having reached an intraday high of $71,000 on March 25.
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