Key Points
- Wallets with 10 – 10k Bitcoin [BTC] coins have seen a surge in supply, hitting a 20-month high.
- An analyst predicts the potential for Bitcoin to reach $72.8k in the coming days.
Bitcoin [BTC] exposure has been on the rise among investors as the economically significant halving event draws closer.
On-chain analytics firm Santiment reports that on March 24th, wallets holding between 10 – 10k coins amassed a total of 51,959 BTCs. This represents one of the most significant accumulation days in recent memory.
Significant Accumulation
To put things into perspective, nearly 0.263% of BTC’s total circulating supply was acquired by this group in just one day.
With this latest accumulation, the total supply held by this group has surged to a 20-month high of 13.19 million. The ratio of supply held by this cohort reached 67%, the highest since July 2023.
The quadrennial halving event, which reduces block rewards by half and slows the creation of new coins, could potentially trigger a significant bullish trend for the world’s largest digital asset.
The Role of Stablecoins
Interestingly, the stablecoin reserves held by these whales and sharks saw a sharp drop. Wallets with 100k – 10 million USDTs saw their holdings drop to lows not seen since January 2023.
This suggests that future accumulation activity may not be entirely driven by stablecoins. Instead, they could be used as dry powder, allowing investors to use them for strategic investments or emergencies.
At the time of writing, BTC was trading just above $71k, according to CoinMarketCap.
Bitcoin Price Prediction
Technical analyst Ali Martinez predicts that Bitcoin could rise to $71,800 in the short term, provided the support at $70,400 holds.
In one of his earlier forecasts, he anticipated that Bitcoin would hit $72,880 once it emerged from its corrective phase. The accuracy of his forecasts remains to be seen.
