After one of the biggest accumulating days in recent memory, which saw Bitcoin recapture the $71,000 price level, it appears that the pre-halving retrace may already be complete.

Blockchain analytics company Santiment said on March 25 that traders were taken aback by Bitcoin’s sudden surge, which came about because “key stakeholders” had a significant accumulation day over the weekend.

Wallets with between 10 and 10,000 coins, referred to as “sharks” and “whales,” have amassed 51,959 BTC ($70,360).

On March 24, valued around $3.4 billion at the time, the company disclosed. It was stated that this corresponds to the accumulation in a single day of 0.263% of the total supply that is now accessible.

It stated that “it would be unsurprising to see these wallets continue to grow, resulting in a positive impact on crypto-wide market caps” as the Bitcoin halving, which is three weeks away on or around April 19, draws closer.

An enormous pre-halving retreat was a worry for cryptocurrency analysts, who assumed that past market cycles would repeat themselves. Nevertheless, according to CoinGecko, Bitcoin only decreased by about 17% from its all-time high of $73,738 on March 14 to $61,494 on March 20.

According to technical analyst “Rekt Capital,” Bitcoin will have nearly equaled the 2020 pre-halving retrace if this proves to be the end of the pre-halving retrace.

He said, “In this cycle, Bitcoin retraced -18%, while in 2020, BTC retraced just over -19%.”

This pre-halving retrace, according to the analyst, “would more likely be on the shallower side than on the deeper side” and might be significantly shorter than it has typically been in the past.

Crypto research firm Kaiko stated that “selling intensified following the U.S. market close” following a study of purchase and sell orders in a report on market volatility and last week’s decline on March 25.

According to the report’s conclusion, “the cryptocurrency market’s liquidity is fragmented across trading pairs as well as across exchanges.”

At the time of writing, Bitcoin was up 5.2% for the day at $70,252, having touched an intraday high of $71,000 in late trade on March 25.