Bitcoin whales have reportedly purchased over $1 billion worth of BTC during the recent price dip, according to crypto analytics firm IntoTheBlock. These whales, who hold more than 0.1% of the total BTC supply, accumulated a total of 19,760 Bitcoins at an average price of $62,500 per coin. IntoTheBlock suggests that such accumulations by these addresses have historically preceded price increases in Bitcoin.

Additionally, IntoTheBlock reveals that miners’ BTC holdings reached a 12-year low ahead of the recent halving event. This indicates that miners have been selling their holdings leading up to the event, which reduced Bitcoin’s block rewards from 6.25 BTC to 3.125 BTC. The firm also analyzes the historical price impact of Bitcoin halvings, noting that a bullish trend typically emerges for approximately one year following each halving.

In terms of exchange activity, IntoTheBlock reports that $180 million worth of Bitcoin has left centralized exchanges this week, marking six consecutive weeks of net outflows for the top cryptocurrency. Furthermore, $0.5 billion worth of Ethereum (ETH) was withdrawn from centralized exchanges this week, the highest amount since February.

At the time of writing, Bitcoin is trading at $63,921, while Ethereum is trading at $3,057. It is worth mentioning that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.