The price of Bitcoin, the largest cryptocurrency in the crypto market, has experienced a roller coaster ride over the past 24 hours. 

After yesterday’s knee-jerk pullback, which saw the price of BTC fall to as low as $67,568 at one point, there was a rebound a few hours later. Bitcoin is trading for $70,779 at press time, showing a 2.6% gain from yesterday’s bottom. The flagship crypto shrugged off hotter-than-expected U.S. inflation data for March to climb above the $70K milestone.

Amid these wild price swings, activity from Bitcoin whales, the most prominent players on the market, has caught the attention of chain analysts.

Bitcoin Whales Are Preparing For Stronger Rally

Large Bitcoin investors have been adding to their stashes in anticipation of stellar price rises in the future.

New data from on-chain data provider CryptoQuant shows that “demand growth” from whales is at its strongest. This suggests that big Bitcoin players hodling the most BTC are snapping up even more of the premier crypto than ever.

The term “Bitcoin whale” is colloquially used to denote an institutional investor or organization holding 1,000 BTC or more and can influence the market through their trading tactics.

“Currently, demand growth from this cohort of investors is at the highest ever,” CryptoQuant posited, highlighting that demand growth from whales has historically heralded parabolic price rallies.

According to CryptoQuant, demand from these long-term large investors has exceeded the BTC that miners can supply for the first time ever. This will likely spark a massive Bitcoin price upsurge after the looming halving event.

Upcoming Halving Event Boosts Bitcoin Price

The fourth Bitcoin halving, earmarked for April 20, will slash rewards given to miners for securing the network in half. This major industry event is expected to make Bitcoin scarcer at a time when the crypto is more accessible for retail and institutional investors than ever before, thanks to the successful U.S.-based spot BTC ETFs approved in January.

As ZyCrypto reported, Hong Kong regulators plan to greenlight spot Bitcoin ETFs, fast-tracking their approval process. Given the significant buying power of ETFs and the halving supply squeeze, it is not unlikely that Bitcoin will make a run for new record highs post-halving.