Bitcoin (BTC) managed to overcome resistance at the $70,000 level.
On the night of Friday, April 12, BTC strengthened to $70,443.
Altcoins, on the other hand, remain in a narrow range. Ether (ETH) is stuck below $3600, while Binance Coin (BNB) is struggling to gain ground at the $600 mark.
CryptoQuant reports that demand for bitcoin from large investors has intensified ahead of the halving.
Analysts have not seen such activity yet. Most likely, the whales are preparing for halving, after which the supply of cryptocurrency on the market will halve.
And buy not only young whales associated with the spot ETF market, but also addresses, holding from 1000 bitcoins for more than 12 months.
Santiment analysis noted late last week that whales and sharks bought 319,310 BTC in three months.
Large investors bought bitcoins from retail traders.
Wallets controlling less than 100 BTC have sold 105,260 BTC since January, representing 0.7% of the digital currency’s total supply.
Whale activity began to pick up in January following the entry of spot bitcoin-ETFs into the U.S. stock market. Over the past month, the trading volume has more than doubled.
While in early March it amounted to $100 billion, a month later the turnover reached $201.7 billion.