- Grayscale sold over 3,000 BTCs in the last 24 hours.
- MicroStrategy now holds 1% of the total BTC in circulation.
The most significant event for Bitcoin [BTC] is the 2024 halving, which is anticipated to happen around April.
Inasmuch, BTC was undergoing notable movements ahead of the halving, characterized by both accumulations and sell-offs.
Bitcoin sees accumulation and sell-off
Recent data from Arkham Intelligence showed significant activity by Grayscale in 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 a sum of 3,625.097 Bitcoins. The deposit was valued at around $156.1 million at the press time $43,000 price range.
While Grayscale has been involved in selling, MicroStrategy has been focused on accumulation. Lookonchain showed that between the 27th of December to the 5th of February, MicroStrategy bought a total of 850 BTC.
This recent accumulation brings MicroStrategy’s total Bitcoin holdings to 190,000, with a market value of around $815 billion.
Additionally, given the current price, MicroStrategy has realized around $2 billion in profit from its strategic accumulation.
Bitcoin whales continue to accumulate
AMBCrypto’s examination of Bitcoin’s whale trend showed a notable reaction to the accumulation pattern rather than the sell-off.
Also, our analysis of Glassnode showed a significant increase in the number of whales. At the time of this writing, there were around 1,578 whales with a balance of over 1,000 BTC.
Source: Glassnode
This figure marked the first time in nearly ten months that such a substantial number of whales had been observed.
There was seemingly a trend of increasing confidence and accumulation among whales, reflecting a sense of trust in the Bitcoin market rather than panic.
BTC sees more inflow
Analysis of data from CryptoQuant showed that over 7,000 Bitcoins were deposited into exchanges between the 5th and the 6th of February.
This positive netflow showed that more BTCs were added to exchanges for potential sale compared to the amount withdrawn during that period.
Source: CryptoQuant
At the time of this writing, BTC was facing challenges in maintaining the $43,000 price range, showing a less than 1% increase.
How much are 1,10,100 BTCs worth today?
It was trading at around $43,170, and its position remained above the neutral line on the Relative Strength Index (RSI).
Source: Trading View
There is ongoing anticipation for a bull run, and the upcoming halving is expected to contribute to the strength of this potential surge in the market.