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Bitcoin whale moves $6 billion worth of tokens amid Gold miner's potential purchase of 24,800 BTC

  • Nilam Resources' potential purchase of over $1.7 billion BTC may prove a good support for the largest digital asset.
  • Bitcoin’s halving looks more interesting as large holders begin taking action.
  • Glassnode has suggested that the move of long-term holders is key in determining BTC's price movement.

The Bitcoin (BTC) halving event rush is showing new market dynamics, as whales' activities can shape price movements in new ways. More institutions are also poised to get in on the action, as seen by the recent announcement that South American Gold miner Nilam Resources is looking to purchase 24,800 BTC.

Read more: ETNs, not ETFs, send Bitcoin price back above 70K as LSE plans to launch BTC and ETH markets

Bitcoin post gains ahead of halving

Bitcoin has risen above $70,000 for the first time in 10 days. This follows a recent market correction after surging on March 14 to reach an all-time high of $73,835.57. A large portion of the entire crypto market is also posting green candles, as altcoins reflect the recovery in the largest digital asset.

The recent gains could be attributed to news that the London Stock Exchange plans to begin trading Exchange-Traded Notes (ETNs) for Bitcoin and Ethereum in May.

Another factor may be investors' increasing anticipation for the Bitcoin halving event, which is due in April, as several members of the crypto community on X have kick-started discussions around narratives that may play out in the coming weeks. This isn't new as Bitcoin halving events, which see Bitcoin mining rewards reduced by 50%, are usually filled with bullish predictions, as many expect the price of Bitcoin to rise after the reduction in supply rate.

Also read: Is Bitcoin’s recent upswing recovery rally or dead cat bounce?

Bitcoin halving attracting accumulation

The halving event seems to be attracting institutional players. South American gold mining company Nilam Resources announced on Monday the filing of a letter of intent (LOI) to acquire 100% of the common stock of a special purpose entity that will hold 24,800 BTC, according to WatcherGuru. If the move goes ahead, Nilam would join other big players like MicroStrategy, Marathon Digital Holdings, Square, Tesla, etc.

Other large movements as the halving approach include mid-range wallets, or those holding around 10 to 10,000 BTC, which accumulated 51,959 Bitcoin tokens on March 24 – one of the largest single-day accumulations in recent times – according to data from Santiment. Before this accumulation, the fifth-largest individual Bitcoin holding address transferred almost all of its entire balance worth $6.05 billion to three separate addresses on March 23, according to data from Arkham. This comes after holding on to the tokens in that wallet for the last five years.

Read more: SEC's lack of engagement won't affect spot Ethereum ETF approval decision, says Grayscale

The recent activity aligns with Glassnode's earlier predictions that the activity of long-term holders can "significantly impact market liquidity and sentiments" in the coming weeks.

Meanwhile, also related to the halving, crypto firm 21Shares has said in its latest report that Bitcoin may see an earlier rally in this halving cycle due to the impact of Bitcoin ETFs.

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi

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