Bitcoin Whales Not Selling Despite $70K — BTC Holdings Growth ‘Is Going Parabolic’

Date:

In a striking display of confidence, Bitcoin whales are steadfastly holding onto their assets, undeterred by the cryptocurrency’s ascent past the $70,000 mark. The resilience and growing number of these large-scale investors underscore a bullish sentiment towards Bitcoin’s future prospects.

Whale Population on the Rise: As of March 7, the count of unique addresses holding a minimum of 1,000 BTC has climbed to 2,104, signaling an increasing interest among major investors. This number, while noteworthy, has yet to surpass the February 2021 record of 2,489 addresses, a period when Bitcoin was trading over $46,000.

Influx of New Investors: The surge in whale addresses can be partly credited to the U.S. spot Bitcoin ETFs, which have seen over $52.5 billion in trading volume as of March 4. Julio Moreno, head of research at CryptoQuant, highlighted the exponential growth in whale Bitcoin holdings, suggesting a robust bullish momentum within this investor segment.

Exchange Withdrawals Surge: Data from Glassnode reveals a significant trend of whales withdrawing from exchanges at an unprecedented rate, indicating a preference for long-term holding over immediate profit-taking. This activity contrasts with the more modest increase in transfers from whales to exchanges, suggesting a strong belief in Bitcoin’s continued upward trajectory.

Spot ETFs Fuel Demand: The enthusiasm for Bitcoin is further fueled by spot ETFs in the U.S., with the BlackRock iShares Bitcoin Trust (IBIT) witnessing record daily inflows of $788 million on March 5. This robust demand from institutional platforms reinforces the positive outlook for Bitcoin, suggesting potential for further price increases.

Bullish Indicators Abound: Amid technical, on-chain, and fundamental signals pointing towards a bullish continuation, Bitcoin’s price formation suggests a possible climb towards $92,500. The market’s current dynamics, characterized by whale accumulation and significant ETF activity, paint a promising picture for Bitcoin’s journey ahead.

Leave A Reply

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Bitcoin Hits Record High: $94,000 Amid Rumored Trump Media Deal with Bakkt

Bitcoin (BTC) skyrocketed to a historic peak above $94,000...

Ethereum Spot ETFs See Record Inflows of $295M Daily – ETH Primed for New Highs?

ETH appears to be stirring, climbing nearly 37% this...

Bitcoin Hits $90K Resistance Amid Dollar Surge: Is This the Pause Before a New Rally?

Bitcoin (BTC) has temporarily hit a wall at the...

Bitcoin Price Analysis: Potential Pullback Target of $59,000 by May 2025

Analyzing recent Bitcoin price action and trend lines reveals...