Despite Bitcoin’s price crossing the $70,000 mark for the first time, Bitcoin addresses holding at least 1,000 bitcoins, known as whales, are on the rise again. This development suggests that Bitcoin whales are in no rush to sell during the current bullish trend that has propelled Bitcoin to new heights above $70,000. The number of unique addresses holding at least 1,000 bitcoins climbed to 2,104 by March 7, though still below the February 2021 peak of 2,489 addresses when Bitcoin was trading above $46,000.
The resurgence in whale wallets can also be attributed to American Bitcoin ETFs, which surpassed $52.5 billion on March 4. The reluctance of whales to sell their Bitcoin at these levels indicates their expectation for further price increases. Whales play a significant role in the market as their transactions can significantly impact Bitcoin’s price.
Julio Moreno, Head of Research at the chain intelligence firm CryptoQuant, highlighted this growth in a March 7 X post, noting the accumulation trend among Bitcoin whales. Further evidence of whales’ reluctance to unload their holdings comes from several metrics measuring volume between whales and exchanges. Glassnode data shows that transfers from exchanges to whales reached new records this month, while transfer volumes from whales to exchanges have seen an average increase compared to previous bullish and bearish market cycles.
Overall, these metrics indicate a significant influx of new investors into Bitcoin, with little sign of profit-taking by wealthy investors despite record-high BTC prices. U.S. Bitcoin ETFs, like the BlackRock iShares Bitcoin Trust (IBIT), which recorded its highest daily inflow of $788 million on March 5, continue to drive demand for BTC. As reported by Coin Telegraph, Bitcoin’s next major target, based on a combination of technical, chain, and fundamental indicators, could be around $92,500. Notably, recent Bitcoin charts have formed a triangular pattern resembling a bull flag, widely considered a continuation pattern in uptrends.
