The crypto-industry is down to its last few days before the Bitcoin halves, so it’s fair to be sure that the event’s weight will impact Bitcoin. In the past 24 hours, Bitcoin managed to break free from its consolidation period, and at the time of the press, the largest digital asset was priced at $9973, almost $10k inching.
In line with the current market, Glassnode recently highlighted another improving narrative for the asset. According to Glassnode recent insight’s report, the rate of Bitcoin accumulation has continued to improve, highlighting the macro-bullish trend currently set by optimistic investors.
The above chart shows that the number of Bitcoin whales has risen at a steady pace during 2020, which was accomplished by a small bump during the Mid-March crash.
The rapid accumulation rate is also combined with the fact that their holding is also growing in scale.
Additionally, it was also reported that the Hodler Net Position Change had been positive over the past 8 weeks and built long-term trust in the minds of the investors.
Source: GlassnodeAs noted, the investor sentiment wasn’t exactly high in late February, but the accumulation picked up a notch during March, and April has completed restoring confidence in long-term Bitcoin investments. The report cited,
“Hodlers’ continued accumulation even at these price levels suggests confidence in the near-term and longer-term future, likely spurred by the upcoming halving, which tends to drive higher prices historically. This accumulation can also be partially explained by the increasing adoption of bitcoin as a safe haven asset amongst uncertain financial markets.”
More than 81% of Bitcoins in supply are profitable
Keeping the strong holding sentiment in perspective, it has also been recently found that 81 percent of the existing Bitcoin supply is in a benefit state. The aforementioned Bitcoin UTXO Realized Price Distribution chart explained the amount of bitcoin last moved at a certain price point.
It can be analyzed that at the moment the amount of Bitcoin between $6500-$10,000 is enormous and their movement was last seen in this range between.
Whether or not Bitcoin goes on a bullish rally after halving, the momentum shown by the largest digital asset has been unquestionable, and it is also likely to stay in the minds of investors after the halving as well