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Recent on-chain data has revealed a new milestone for Bitcoin whales, namely addresses holding at least 1,000 BTC. The data for Bitcoin whales shows that the number of addresses in this category is now at its highest point since January 2021 bull market levels.
With Bitcoin Still Trading Close To Its All-Time High, This New Whale Milestone Casts Doubts On Better Chances Of That Bitcoin breaks above and creating one soon a new all-time record.
Whale activity and keeper numbers reach new highs
Bitcoin whales have always been one of the key indicators of 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 falling into the whale category has steadily increased since January 2024, to just under 1,500 addresses.
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The current market environment and the influx of institutional investors have allowed this upward trajectory to continue in recent months and pushed it across multiple levels. The latest figures show 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 cryptocurrency’s current price.
New all-time high incoming?
The accumulation of whales leading up to the previous high in January 2021 was one of the main factors that caused the Bitcoin price to spike above $69,000 in 2021.
Although the Bitcoin price has now broken above this previous peak, reaching an all-time high of $73,737 in March 2024, the same accumulation pattern appears to be unfolding. This interesting accumulation of BTC by Bitcoin whales has proven to be the bread and butter boost to stop deeper price corrections after a false outbreak from a descending triangle earlier this week.
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Even with the false breakout, the overall sentiment around Bitcoin remains bullish. According to on-chain analytics provider CryptoQuant, it’s not just the whales that are driving the market. Private investors have also joined the campaign. On-chain data shows a 13% increase in retail demand over the past 30 days, a notable increase that reflects the retail interest we saw in March 2024, just before Bitcoin hit its last all-time high.
Retail-on-chain activity returns after four months
“Over the past 30 days, retail demand has grown by approximately 13%, highlighting a scenario not seen until March, when we were close to the last all-time high.” – By means of @caueconomy
Full post 👇https://t.co/VORO90JhVg pic.twitter.com/jHGzjUBgII
— CryptoQuant.com (@cryptoquant_com) October 22, 2024
At the time of writing, Bitcoin is trading at $67,000, after trading between $65,161 and $67,538 within a 24-hour range and between $65,441 and $69,227 within a seven-day range.
Interestingly, Bitcoin is only about 10% away from surpassing its all-time high again. With this increased buying interest and whale accumulation, Bitcoin seems ready for a new outbreak to set a new price record before the end of 2024.
Featured image created with Dall.E, chart from Tradingview.com