Number of Bitcoin Whales Surges to Highest Since January 2021
Bitcoin Whales Hit Highest Numbers Since January 2021, Sparking Bullish Speculation as Retail Investors Stay Cautious
The Bitcoin market has witnessed a potentially significant shift this year, with whales increasing their share of the cryptocurrency’s supply. Recent data shows that the number of Bitcoin whales, defined as wallets holding 1,000 or more BTC, has surged to 1,678—the highest level since January 2021.
The trend has led to heightened speculation that Bitcoin could break out of its current price stagnation and potentially reach the $70,000 mark.
Bitcoin’s price has remained relatively stable despite brief upward and downward movements caused by pressure from rising U.S. Treasury yields and a strengthening dollar. At the time of writing, BTC was worth $67725.97.
Whales Continue Accumulating Bitcoin
Bitcoin whales have accumulated a massive 173,000 BTC valued at almost $12 billion in the past month alone. This accumulation has propelled the total number of Bitcoin held by whales to over 1.5 million BTC, worth more than $100.8 billion.
This accumulation spree highlights the growing belief among large investors that Bitcoin’s long-term prospects are positive, despite the current market volatility.
However, this has not been the case for retail investors who have been far less active. Over the same period, retail investors acquired only 1,000 BTC, valued at $67 million, and just 30,000 BTC valued at $2 billion this year, representing a historically low accumulation rate.
This divide between whales and smaller players suggests a shift in market dynamics, where whales appear more confident in Bitcoin’s future price surge, while retail investors remain cautious to buy at higher prices.
Bitcoin ETFs Fuel Optimism For Future Price Breakout
Institutional interest in Bitcoin continues to rise despite concerns over retail investor hesitation and volatility. The steady inflow of capital spot Bitcoin ETFs, especially BlackRock’s iShares Bitcoin Trust (IBIT), is a clear sign of its growing interest.
The increasing number of whales and institutional capital flowing into Bitcoin suggests that its long-term outlook remains bullish. Despite the fluctuating short-term price movements, the growing accumulation by large holders signals that Bitcoin is gearing up for its next big breakout.
