Bitcoin whales purchase $7.28 billion worth of BTC, raising concerns about potential supply crunch

From Investing.com

December 17, 2024 4:00:21 pm:

Bitcoin whales have been on a buying spree, purchasing 70,000 BTC worth $7.28 billion in the last 48 hours. This increased demand has raised concerns about a potential supply crunch, as the limited supply of 21 million BTC is unable to meet the growing demand.

With only 450 BTC mined daily, the total mined in 48 hours is insignificant compared to the demand from Bitcoin whales. Analysts believe that this scarcity could drive prices higher, as buyers anticipate a supply crunch and become reluctant to sell.

On-chain analyst Ali Martinez predicts further upward movement in the Bitcoin market due to the impending supply reduction. Institutional players have also shown increased interest in BTC, but market unpredictability could lead to a shift in trends. The coming days will reveal the direction in which the market is headed.

Read more at Investing.com: $7.28 Billion in Bitcoin (BTC) in Two Days, Is Market Ready for Biggest Supply Crunch? By U.Today