The Whales Start Moving Again Amid Price Dip
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The bitcoin halving event occurred on the 11th of May earlier this month to a lacklustre response. Many people within the crypto space were highly anticipating the event to do great things for the leading cryptocurrency as well as the industry as a whole. The third having saw the black rewards drop from 12.5 BTC to 6.25 BTC and even with the event, the leading crypto coin is yet to spike to great highs like were expected.
According to Santiment, bitcoin addresses that hold more than 100 bitcoins have gathered another 12,000 bitcoins to the stash which is currently worth more than $108 million given the current market price. The analysis further said:
“Since Bitcoin’s drop below $9,500 on May 20th, addresses holding 100 or more Bitcoin have added another 12,000 BTC to their bags – more than $108,000,000 at current prices.”
Even after bitcoin crashed in early March, people started to notice cryptocurrency and even got their money involved in the market. Many people have been essentially taking advantage of the low prices as many people at the time predicted that the king coin would spike following the halving event.
The research company says that the addresses of which have displayed noteworthy behavioural patterns since the year began, could see history repeat itself.
“Since the start of the year, these addresses have shown a propensity to accumulate into dips and offload their bags slightly before short-term tops occur. Will this history repeat itself?”