Bitcoin whales reach highest level in the last three years
The number of large Bitcoin holders, known as “whales,” has reached the highest level in three years, according to recent data from Glassnode.
This week, the total of entities holding at least 1,000 BTC rose to 1,678, a number not seen since the beginning of 2024. The current level approaches the levels seen in January 2021.
This increase in the number of whales reflects growing confidence in Bitcoin's appreciation potential in the near future.
Bitcoin whales are entities or individuals who own large amounts of the cryptocurrency, usually over 1,000 BTC. These large investors play a crucial role in the market. After all, its movement can significantly impact the liquidity and price of the asset.
When these whales accumulate Bitcoin, it often indicates that they are betting on a price increase, which can create a positive perception in the market and influence other investors.
Recently, whale behavior has attracted attention. This is because they are increasing their Bitcoin reserves consistently. As highlighted by Ki Young Ju, CEO of CryptoQuant, this trend reflects a long-term strategy, with new large investors entering the market and betting on the future appreciation of cryptocurrency.
Accumulation and influence on the price of Bitcoin
The increase in whale numbers coincides with other positive factors in the cryptocurrency market, such as the growing adoption of Bitcoin ETFs in the United States. This type of financial product facilitates institutional investors' access to the cryptocurrency market, which may be boosting the confidence of large investors in Bitcoin.
Historically, when whales begin to accumulate large volumes of Bitcoin, it indicates an expectation of appreciation. On the other hand, when there is a massive sale of these entities, the market tends to react negatively, with price drops due to the perceived lack of trust. Therefore, monitoring whale activities can offer important insights into future market movements.
The increase in the number of whales also suggests that the cryptocurrency market is becoming increasingly institutionalized. Large investment funds and other sophisticated financial vehicles are entering the market, which increases the strategic accumulation of large volumes of Bitcoin. With this, the behavior of whales becomes a relevant indicator for those who follow the cryptocurrency market.