The increasing investments of cryptocurrency whales in Bitcoin may indicate that the downturn before the halving is over.
According to data reported by the on-chain analytics firm Santiment, cryptocurrency whales spent the past weekend buying Bitcoin.
Whales holding between 10 and 10,000 Bitcoins led to an unprecedented surge in volume by accumulating 51,959 BTC on March 24. These transactions led to the purchase of only 0.263% of Bitcoin’s circulating supply in just one day. Following these purchases, Bitcoin’s move from $64,000 to $70,000 drew attention.
As the Bitcoin halving approaches in about 3 weeks, the aggressive purchases by whales suggested that the pre-halving correction phase may have come to an end.
Popular analyst Rekt Capital commented on the matter, stating that if last week’s declines to $60,900 are the final pre-halving corrections, it will present a historically significant pattern:
If last week’s declines are the conclusion of the pre-halving correction, Bitcoin will have retraced almost exactly as much as the pre-halving pullback in 2020. Bitcoin retraced about -18% pre-halving in this cycle while in 2020, it retraced a little over -19%.
