Bitcoin Whales Reach Highest Level in 3 Years

The number of whales holding large amounts of Bitcoin has reached its highest level since January 2021, a potential signal for a price rally.

Glassnode and Bitwise’s head of research, André Dragosch, reported this week that there are currently 1,678 entities holding at least 1,000 BTC.

This increase in whale accumulation is viewed positively for the future price of Bitcoin. Whale entities refer to groups of crypto wallet addresses held by one individual with at least 1,000 BTC.

They are closely monitored due to their potential for impacting market liquidity and prices.

The growing confidence of these large holders aligns with the strong demand for alternative Bitcoin investment options, such as US-listed spot ETFs.

On the other hand, retail investor activity has slowed down, as data from CryptoQuant shows that they have only added 1,000 Bitcoin in the last 30 days – a historically slow rate of accumulation.