Bitcoin Continues to Accumulate Ever Larger Wallet Positions – a Distinctly Bullish Signal to Investors!
The preparations for the launch of Bitcoin-ETFs by BlackRock and Fidelity, as well as the increased buying of Bitcoin by cryptominers in anticipation of a halving in 2024 show how tight the “spring” holding BTC around the current $30,000 mark is.
The general sentiment is also supported by the following fact: large wallets with balances between 1,000 and 10,000 BTC accumulated 90,000 BTC in one month.
Approximately seven years ago, Bitcoin mining rewards were cut from 25 BTC to 12.5 BTC, a phenomenon known as halving that sparked a price surge that industry watchers expect will be the same when the next Bitcoin halving occurs in 2024. A bullish history of repeated price halvings will affect Bitcoin traders and hodlers, as well as miners and other network participants. This model has withstood the test of multiple halvings: 2016 was Bitcoin’s second halving, almost 4 years after the first halving in 2012, and 4 years earlier than the third halving in 2020.
Bitcoin’s fourth halving is scheduled for April 2024, when mining rewards will drop to 3.125 BTC per block.
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