Whales Accumulate $17 Billion Worth of Bitcoin in 2024, Crypto Markets Turn Lower
Crypto Markets React to Bitcoin Halving Event
Crypto markets took a sharp turn lower on Wednesday, erasing the previous day’s gains as traders searched for a “strong” catalyst following Bitcoin’s halving event. BTC is down 3%, trading at around $65,000, while ETH is priced at $3,175, according to data from CoinGecko.
Altcoins Expected to Gain Momentum
Michael Van de Poppe, CIO & founder of MN Trading Consultancy, believes that as Bitcoin consolidates, it will pave the way for altcoins to gain momentum. He anticipates a strong period for altcoins at the end of Q2 or the beginning of Q3, stating that Bitcoin needs a strong catalyst to push momentum forward.
Whales Show Signs of FOMO
Research firm Santiment reported that wallets holding between 1,000 and 10,000 BTC have accumulated an additional 266K BTC since the beginning of 2024, totaling over $17 billion at current prices. This segment of whales is showing signs of “Fear of Missing Out” (FOMO), contributing to the current surge in Bitcoin’s price.
Additionally, CoinGlass data revealed $52.46 million in liquidated positions in the last 12 hours, with sell orders concentrated between $67,000 and $67,500, indicating a resistance zone where sellers are looking to exit their positions.
Crypto Stocks Rally
Crypto stocks experienced a surge on Tuesday, with Coinbase (COIN) rising by 11% and Bitcoin mining companies like Marathon Digital (MARA) and Riot Platforms (RIOT) both seeing a 5% increase in their stock values. U.S. stocks also rallied for a second session, driven by positive corporate earnings reports.
