Bitcoin halving 2024: Of accumulations and sell-offs

February 8, 2024

By Adewale Olarinde

Edited By: Saman Waris

• Grayscale sold over 3,000 BTCs in the last 24 hours.

• MicroStrategy now holds 1% of the total BTC in circulation.

The most significant event for Bitcoin [BTC] is the 2024 halving, which is anticipated to happen around April.

Inasmuch, BTC was undergoing notable movements ahead of the halving, characterized by both accumulations and sell-offs.

Bitcoin sees accumulation and sell-off

Recent data from Arkham Intelligence showed significant activity by Grayscale in the past 19 hours.

Grayscale has been actively depositing multiple batches of Bitcoin into Coinbase, indicating a continuation of its sell-off strategy.

AMBCrypto’s analysis of the total deposits made during this period showed a sum of 3,625.097 Bitcoins. The deposit was valued at around $156.1 million at the press time $43,000 price range. 

While Grayscale has been involved in selling, MicroStrategy has been focused on accumulation. Lookonchain showed that between the 27th of December to the 5th of February, MicroStrategy bought a total of 850 BTC.

This recent accumulation brings MicroStrategy’s total Bitcoin holdings to 190,000, with a market value of around $815 billion.

Additionally, given the current price, MicroStrategy has realized around $2 billion in profit from its strategic accumulation.

To read entire article…Click Here!