- Grayscale has sold over 3,000 BTCs in the last 24 hours.
- MicroStrategy now owns 1% of the total BTC in circulation.
The most important event for Bitcoin [BTC] is the 2024 halving, which is expected to occur around April.
As far as, BTC underwent notable moves prior to the halving, characterized by both accumulations and sell-offs.
Bitcoin has accumulation and sell-off
Recent data from Arkham Intelligence showed significant grayscale activity over the past 19 hours.
Grayscale has been actively depositing multiple batches of Bitcoin into Coinbase, indicating a continuation of its sell-off strategy.
AMBCrypto’s analysis of the total deposits made during this period showed an amount of 3,625,097 Bitcoins. The deposit was valued at approximately $156.1 million at the time of writing from $43,000.
While Grayscale was involved in sales, MicroStrategy focused on accumulation. Look at chain showed that MicroStrategy bought a total of 850 BTC between December 27 and February 5.
This recent accumulation brings MicroStrategy’s total Bitcoin holdings to 190,000, with a market value of approximately $815 billion.
Furthermore, given the current price, MicroStrategy has realized approximately $2 billion in profits from its strategic accumulation.
Bitcoin whales continue to accumulate
AMBCrypto’s research on Bitcoin’s whale trend showed a notable response to the accumulation pattern rather than the sell-off.
Our analysis of Glassnode also showed a significant increase in the number of whales. At the time of writing this article, there were approximately 1,578 whales with a balance of over 1,000 BTC.
Source: Glassnode
This figure marked the first time in almost ten months that such a substantial number of whales had been sighted.
There was seemingly a trend of increasing confidence and accumulation among whales, reflecting a sense of confidence in the Bitcoin market rather than panic.
BTC sees more inflows
Analysis of data from CryptoQuant showed that more than 7,000 Bitcoins were deposited on exchanges between February 5 and 6.
This positive net flow showed that more BTCs were added to exchanges for potential sales compared to the amount withdrawn during that period.
Source: CryptoQuant
At the time of writing, BTC was facing challenges in maintaining the $43,000 price range, showing an increase of less than 1%.
How much are 1,10,100 BTCs worth today?
It was trading around $43,170, and its position remained above the neutral line on the Relative Strength Index (RSI).
Source: trading view
There is constant anticipation of a bull run, and the upcoming halving is expected to add to the strength of this potential market rise.