BTC halving one week away as Bitcoin whales enter accumulation phase

As the date of the Bitcoin halving draws near, whales in the cryptocurrency market have been acquiring a significant amount of BTC. This surge in demand from large-scale holders indicates a bullish sentiment in the market. Crypto analytic firm CryptoQuant has shared data showing that the demand from “permanent holders” has surpassed the supply of new Bitcoin for the first time. This suggests that the production of new Bitcoin through mining is not enough to meet the demand from investors, and this scarcity will only increase after the halving event. The growing demand from BTC whales, combined with the influx of spot Bitcoin, is likely to drive up the price of the cryptocurrency. In the long term, this trend could contribute to further growth in the value of Bitcoin. The Bitcoin halving is a significant event in the crypto ecosystem and is often accompanied by a surge in prices. Historically, bull runs have begun months before the halving as traders anticipate the reduction in BTC supply. After the halving, the price of BTC typically increases significantly due to the reduced supply and the resulting supply-demand imbalance. In addition to its impact on supply, the halving also affects miners who are responsible for verifying transactions and adding new blocks to the blockchain. Each halving reduces the amount of BTC earned by miners by half, which increases the cost of mining new BTC. As a result, BTC prices need to rise to a certain level to ensure miners can continue their operations. Currently, the average cost of mining one Bitcoin is around $49,000, which is profitable at the current trading price of $70,000. However, after the halving, BTC prices will need to surpass $80,000 for miners to remain profitable. The accumulation of BTC by whales is seen as a positive sign for the crypto market, indicating that major holders are transferring their assets to cold wallets in anticipation of a price increase.