The markets are trading at equilibrium, with the prices of the majority of cryptos hovering within a range bound. Bitcoin, specifically, remains clogged around $43,000, failing to rise above $43,600 or drain below $42,800. This sluggish behaviour of Bitcoin has led to a massive drop in user interest, who are looking out for other altcoins in the short term. However, in the long term, Bitcoin is expected to display massive price action as the crypto cohorts have been preparing for the upcoming Bitcoin halving.

The upcoming Bitcoin halving is considered to be one of the major catalysts that could propel BTC prices higher. With the drop in issuance, the market participants, along with miners and other squads, have been accumulating BTC constantly in the past 30 days. The detailed cohort analysis illustrates the unique accumulation and distribution pattern with the market ahead of halving. 

Source: X

As per the data, small players also known as Shrimps, who hold less than 1 BTC have added 19,500 BTC to their pool. Besides, Crabs with 1–10 BTC, Fish with 10–100 BTC and Sharks with 100–1000 BTC have been distributing their holdings, with an outflow of over 150K from the sharks cohort. While these have been forecasting themselves as weak hands, Whales and SuperWhales have been net accumulators who have added 126K & 83K BTC, respectively.

Observing the data, the net accumulation of BTC is around 61,000, which represents more than four times the monthly issuance following the imminent halving event. If the demand for the token persists, it could exert upward pressure on the Bitcoin price as the monthly issuance could get cut in half to 13,500 BTC in April. As a result, the markets that are currently consolidating appear to be preparing for the mega-event of Bitcoin halving.

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