Bitcoin whales have devoured over $1 billion worth of BTC during the recent dip in the cryptocurrency’s price, as reported by crypto analytics firm IntoTheBlock. These whales, who hold more than 0.1% of the total BTC supply, collectively acquired 19,760 Bitcoins worth $1.235 billion at an average price of $62,500 per coin. IntoTheBlock suggests that historically, these accumulations by large Bitcoin holders have often preceded price increases.

Additionally, IntoTheBlock reveals that miners’ BTC holdings have reached a 12-year low ahead of the halving event, indicating that miners have been selling off their holdings. The halving event reduced Bitcoin’s block rewards from 6.25 BTC ($398,134) to 3.125 BTC ($199,067).

In terms of Bitcoin halvings, IntoTheBlock analyzes the historical price impact and states that after each halving, a bullish trend typically emerges, lasting for approximately one year.

Furthermore, the analytics firm notes that $180 million worth of Bitcoin has left centralized exchanges this week, marking six consecutive weeks of net outflows for the top cryptocurrency. Meanwhile, $0.5 billion worth of Ethereum (ETH) has been withdrawn from centralized exchanges this week, the highest amount since February.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.