Bitcoin’s looming halving event prompts massive accumulation

2024-4-12 18:18

Quick Take

The aggregate accumulation by various Bitcoin cohorts, ranging from shrimps (holding less than one BTC) to super whales (10,000+ BTC), has surpassed the monthly issuance, painting a bullish picture for the future of BTC.

All Cohorts vs Issuance: (Source: Glassnode)

We are rapidly approaching the next Bitcoin (BTC) halving, with the event now just days away. Currently, around 900 BTC are mined daily, amounting to approximately 27,000 BTC per month. Amid this data, Glassnode reveals an astonishing accumulation of 115,000 BTC over the past 30 days, marking one of the most bullish periods in a year.

Miners vs Issuance: (Source: Glassnode)

Interestingly, while miners have been continuously distributing since the end of 2023, shrimps are now accumulating for the first time since February, with a strong accumulation of roughly 12,500 BTC over the past 30 days.

Shrimps vs Issuance: (Source: Glassnode)

As the halving looms closer, the monthly issuance is set to be cut in half to 13,500 BTC. This reduction in supply, coupled with the increasing demand outpacing the monthly issuance, sets the stage for an exciting Q2.

The post Bitcoin’s looming halving event prompts massive accumulation appeared first on CryptoSlate.

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