- Whale wallets collected more than 7 million BTCs
- Cryptocurrency has remained above $66,000 despite declines on a few fronts
Bitcoin whale wallets have been consistently accumulating BTC over the years and recently reached all-time highs. At the same time, BTC has regained a price level from which it had previously fallen, indicating a possible recovery or stabilization of the market price.
This price increase has also been accompanied by an increase in the number of new addresses.
Bitcoin whale wallets have reached a milestone
According to data from InHetBlokBitcoin whales have reached a major milestone in their accumulation efforts. The balance of wallets holding 1,000 or more BTC has increased to more than 7.9 million Bitcoins.
If calculated at current market rates, these assets would be valued at almost $529 billion. This amount represents a significant portion of Bitcoin’s total market capitalization, which is over $1.3 trillion.
This level of accumulation is notable because it has not been visible for the past two years, indicating a significant increase in assets from these portfolios.
Such a trend means that these large investors are holding their positions with more conviction or actively accumulating more BTC. Either way, it’s betting on its long-term value despite any short-term market volatility.
Slight spike in new Bitcoin addresses
The aforementioned data analysis also indicated a positive trend in the Bitcoin network, a trend characterized by both growing ownership of Bitcoin’s whale wallets and an increase in the number of daily new addresses.
After a sharp drop in the charts, the number of new Bitcoin addresses started to increase around July 13, from about 244,578 to almost 291,000.
Source: Glassnode
This upward trend in the creation of new addresses is a sign of renewed interest or influx of new participants. The growth of new addresses could contribute to greater network activity and liquidity, which could lead to stronger price developments.
These trends, seen in combination with the significant accumulation by Bitcoin whales, paint a picture of the current state of the market.
While large holders have continued to consolidate their positions, signaling confidence in BTC’s long-term value, new users entering the market can add trading volumes.
BTC enters a new price zone
Another analysis of Bitcoin’s price trend revealed a significant increase at the end of the trading session on July 19, with an appreciation of over 4%. This increase boosted the cryptocurrency from approximately $64,000 to $66,000 on the charts.
Source: TradingView
– Read Bitcoin (BTC) price prediction 2024-25
As a result of this price increase, the value of Bitcoin in whale wallets – which hold 1,000 or more BTC – has increased, totaling approximately $529 billion.
Here it is worth pointing out that although there has been a slight decline in Bitcoin’s price since this peak, it has since managed to maintain its position within the $66,000 range.