The Bitcoin halving is scheduled for April 20, reducing the BTC block reward to 3.125 BTC per block.
As the Bitcoin (BTC) halving approached, whales have acquired significant amounts of BTC in the past week. With around a week left unti the fourth Bitcoin halving — which will see the block reward reduced to 3.125 BTC — growing demand from whales indicates bullish market sentiment.
According to data shared by crypto analytic firm CryptoQuant, the growth in demand from Bitcoin whales has never been stronger.
Demand from “permanent holders” has exceeded the market supply of new Bitcoin for the first time. This indicates that the quantity of new Bitcoin produced by mining is insufficient to meet cryptocurrency investors’ demand, and the scarcity will only grow further after the halving of the Bitcoin.
