Recent on-chain data has revealed a new milestone for Bitcoin whales, i.e., addresses holding at least 1,000 BTC. Notably, the data for Bitcoin whales shows the number of addresses in this category is now at its highest point since the January 2021 bull market levels. With Bitcoin still trading close to its all-time high, this new whale milestone brings into question a better chance of Bitcoin breaking above and creating a new all-time high very soon.
Whale Activity And Holder Count Reaches New Highs
Bitcoin whales have always been one of the most important indicators for ongoing sentiment among traders and long-term holders. According to Glassnode data presented by André Dragosch, director and head of research for Europe at Bitwise, the number of addresses that fall into the whale category has been on a steady climb since January 2024, where it stood just below 1,500 addresses.
The current market climate and inflow from institutional investors have allowed this upward trajectory to persist over the past months, pushing it past multiple levels. The most recent figures reveal that the number of Bitcoin addresses holding at least 1,000 BTC has reached 1,678, marking the highest point in whale activity since January 2021, during the height of the last major bull run.
What this suggests is that each of these addresses now holds at least $67 million worth of Bitcoin, given the current price of the cryptocurrency.
New All-Time High Incoming?
Whale accumulation leading up to the previous highest level in January 2021 was one of the key factors that drove the Bitcoin price to peak above $69,000 in 2021. Although the Bitcoin price has now broken above this previous peak to create an all-time high of $73,737 in March 2024, the same accumulation modèle appears to be unfolding.
This interesting accumulation of BTC by Bitcoin whales has proven to be the much-needed boost to stop deeper price corrections after a false breakout of a descending triangle earlier in the week.
Even with the false breakout, the overall sentiment around Bitcoin remains optimistic. According to on-chain analytics provider CryptoQuant, it’s not just the whales driving the market. Retail investors have also joined the action.
On-chain data shows a 13% rise in retail demand over the last 30 days, a notable increase that mirrors the retail interest seen in March 2024, just before Bitcoin reached its latest all-time high.
At the time of writing, Bitcoin is trading at $67,000, having traded between $65,161 to $67,538 in a 24-hour range and $65,441 to $69,227 in a seven-day range. Interestingly, Bitcoin is only about 10% away from surpassing its all-time high once aémolument.
With this increased buying interest and whale accumulation, Bitcoin seems ready for another breakout to dessous a new price record before the end of 2024. This is a positive sign for the cryptocurrency market and shows the continued interest and confidence in Bitcoin from both institutional and retail investors.
The current market conditions and the growing number of Bitcoin whales suggest that a new all-time high is not far hors champ. This is an exciting time for Bitcoin and the entire cryptocurrency market, as it continues to émolument mainstream acceptance and adoption. As always, investors should do their own research and make informed decisions when it comes to investing in Bitcoin or any other cryptocurrency. But with the current trends and data, it seems that the future is bright for Bitcoin and its investors.
