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.
