Whales Move 1.9 Million BTC To Crypto Wallet Since Early 2024

Whales moved 1.9 Million BTC to the crypto wallet since early 2024 (Photo; Doc. U.Today)

JAKARTA - Bitcoin has again become the center of attention of large investors, or what is often called hales. Since early 2024, more than 1.9 million BTC has reportedly moved to large wallets. This movement shows significant accumulation by large market players, indicating increasing confidence in Bitcoin's long-term potential.

This phenomenon comes after the crypto market experienced a sharp decline earlier this week. Some analysts believe that the decline may mark the lowest point of the cycle before the start of the next bull run rally.

Data from CryptoQuant shows that the total Bitcoin stored in new wallets with more than 1,000 BTC, including in the ETF spot and custodial wallet (but excluding exchanges), has reached more than 1.9 million BTC throughout 2024.

In addition to this massive accumulation, further analysis reveals that trust in Bitcoin's long-term potential continues to rise. One of the key indicators, MVRV Z-Score, which is used to identify peaks and market bases, is currently below number 2. This suggests that Bitcoin is still in the undervalued zone, providing opportunities for investors who want to take positions before the price peaks.

Quoted from Ambcrypto, some analysts say, "Bitcoin has not yet reached its peak, those who claim that a peak has been reached may lose the chance to make a significant profit, especially ahead of the fourth quarter of 2024."

Furthermore, Bitcoin dominance in the crypto market continues to increase, reaching a new short-term high last week. This is a strong signal that a large rally may soon occur. While the exact timing is uncertain, this growing momentum suggests that Bitcoin is ready to move up significantly.

MicroStrategy, one of the big companies that has long supported Bitcoin, currently holds BTC worth 13.74 billion US Dollars (approximately IDR 219 trillion). Their big move to all in on Bitcoin, which has generated 99% of stock growth in the last four years, reflects strong confidence in the future of BTC.