Bitcoin [BTC] Whales Move $62 Million From Exchanges, Is Accumulation Period Setting In?

Bitcoin

Over the past few days, huge amounts of Bitcoin (BTC) stashes have been moving to “unknown wallet addresses” as the top crypto looks set to start an accumulation period. On Thursday, 5th March, in the early hours of the U.S market, two whale transaction was recorded on Whale Alert, a crypto data oracle, showing a total of $62.2 million USD transferred from OKEx and BitFinex to personal accounts.

Could this be a case of accumulation in preparedness for the upcoming halving?

Bitcoin whales move over $62 million USD from top exchanges

BTC’s price soared past $9,000 USD, setting an intraday high of $9,155 USD on Thursday, setting the crypto market ablaze. While a number of traders and analysts predict a possible continuation of the run, a recent stashing of large amounts of BTC, doesn’t offer near term bullish hopes.

Over the past few hours, two huge transactions by Bitcoin whales– from Bitfinex and OKEx – worth a combined total of $62.2 million USD (6,867 BTC) has moved to unknown wallet addresses. The large stash signals a possible accumulation period in BTC’s market as bulls await the upcoming halving.

The first whale transaction from Bitfinex, a 5,268 BTC (~$47.67 million USD) move to an unknown wallet, only cost a total of $3 dollars. The second whale moved their coins from OKEx exchange to this wallet, a total of 1,867 BTC ($16.89 million USD) costing less than two dollars as transaction fees.

An accumulation set fire to a bullish market?

Large movements to unknown wallets may signal the setting in of an accumulation period as miners, traders and holders await patiently for the Bitcoin block reward halving in May. In the past 24 hours an extra 5,000 BTC (~$45.94 million) from the whale stash explained above has been moved to unknown wallets.

Image: TradingView

Currently Satoshi’s coin trades at $9,124 USD, representing a sharp 4.50% increase in the past 24 hours. The 4-hour RSI is currently oscillates in buying levels after breaking the resistance giving a buy signal on the coin. Furthermore, a break on the upside of the falling wedge channel resistance at $9,150 USD will be key to set up a bullish momentum.