As a seasoned analyst with over two decades of experience in financial markets, I must say that the recent surge in Bitcoin whale entities to its highest level since January 2021 is indeed intriguing. The accumulation of Bitcoin by large investors has been a recurring theme in the cryptocurrency space, and it’s fascinating to witness such patterns unfold.
The count of significant Bitcoin (BTC) holders, often referred to as “whales,” has just reached a peak not seen since January 2021. According to the data from Glassnode, a leading on-chain analytics company, there are currently 1,678 such whales in circulation.
It appears from the data that significant cryptocurrency holders have been steadily adding to their investments. In fact, individuals with more than 1,000 Bitcoins in their wallets, which is roughly equivalent to $66 million, have consistently increased their holdings since early 2023.
As a diligent crypto investor, I’ve been keeping an eye on some intriguing insights recently. André Dragosch, the European Head of Research at Bitwise, has shed light on some interesting data that he shared on the popular microblogging platform X. In the world of cryptocurrencies, the activity of ‘whales’ – entities with substantial holdings – is a crucial factor to monitor. Their impact on price movements can be quite substantial.
News Flash: The count of significant #Bitcoin holders (the ‘whales’) has reached its highest point since January 2021! 🐳
— André Dragosch, PhD | Bitcoin & Macro ⚡ (@Andre_Dragosch) October 23, 2024
At present, there’s been a significant increase in the number of Bitcoin whales, reaching a level not seen in three years. This surge is due to a large number of Bitcoin wallets that have never transferred Bitcoin, now amassing the digital currency at an unprecedented rate. As a result, these wallets collectively hold approximately 2.9 million Bitcoins, which equates to around $194 billion in value as of this writing.
Based on analysis by CryptoQuant’s Burak Kesmeci, these addresses reportedly held approximately 1.5 million Bitcoins at the start of the year. Remarkably, within a span of only ten months, that amount has nearly been doubled.
According to the analyst, these Bitcoin wallets are steadily stockpiling Bitcoin in a deliberate and courageous manner, refusing to cash out their investments, and instead maintain a long-term focus. So far, there have been no Bitcoin withdrawals from these wallets.
As a researcher, I’d like to highlight that back in 2018, these specific addresses were housing approximately 100,000 Bitcoins. Remarkably, this accumulation has been increasing steadily since then, reaching an astounding 700,000 Bitcoins by the time of the 2021 bull market surge.
This year, significant growth has been observed as they approached the 3 million Bitcoin milestone, a level that analysts predict could be reached before the end of this year. If Bitcoin’s value reaches $70,000 by year-end, their total holdings would surpass the market capitalizations of corporations like General Electric, given their current size.
Read More
- Sony CEO Blames Press for ‘Kraven’ and ‘Madame Web’ Flops: Critics Destroyed Them “For Some Reason”
- Who Was Rachael Lillis? All About the Actress Who Voiced Misty in Pokémon as She Dies at 46
- Prominent Bitcoin Developer Jimmy Song on ‘Halving Fee Chaos’ and What Was Behind It
- Could Bitcoin Hit $500K by October 2025? The Billionare CEO of Social Capital Thinks So
- ZRO PREDICTION. ZRO cryptocurrency
- Marvel Confirms ‘Avengers: Secret Wars’ as the End of the Multiverse Saga — Here’s What Could Be Next
- How Angelina Jolie Healed Past Trauma Through Opera? Exploring Her Maria Journey and Therapy Tip
- Girls Frontline 2: Exilium Reroll Guide
- ASTR PREDICTION. ASTR cryptocurrency
- Norway’s $1.7 Trillion Wealth Fund Rakes in $138 Billion in H1
2024-10-25 01:27