In recent days, there has been a significant increase in demand for Bitcoin (BTC) from large cryptocurrency holders. Analysts believe that this will be the main catalyst for the growth of the asset after halving.
According to the analytical platform CryptoQuantdemand from cryptocurrency whales is nearing an all-time high.
Crypto whales can't get enough of Bitcoin
Investors who own the largest volumes of Bitcoin are seeking to increase their holdings of digital gold. The interest of crypto whales, whose wallets contain from 1,000 to 10,000 BTC, jumped by 11% over the month.
According to experts, an increase in demand from this category of holders of the first cryptocurrency has already led to an increase in prices for the asset in the past. The previous peak was recorded in 2021.
According to the study, Bitcoin whales add up to 200 thousand BTC per month to their balances. This significantly exceeds the monthly number of new tokens put into circulation.
What will happen to the price of Bitcoin?
The halving will take place in nine days. Many players in the cryptocurrency market believe that the price of Bitcoin will jump precisely due to the decrease in mining speed. Such dynamics were observed in previous years.
However, the gap between supply and demand is currently much larger than in past cycles. After the halving, the number of coins entering circulation will be reduced to 14 thousand BTC.
Provided that the current demand from crypto whales continues (200 thousand BTC per month), the Bitcoin rate will increase significantly for this very reason.
Source: Cryptocurrency
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