Bitcoin Whales Increase to Numbers Not Seen Since 2021
Any Bitcoin (BTC) holder who holds more than one thousand bitcoins is considered a whale, and now there are more of these than we have seen in three years.
Does that mean that Bitcoin could be ready to rally again? It certainly suggests that there is increased interest in the coin from people who are willing to invest in a big way. There are currently 1,678 Bitcoin whales, and that is the largest number of whales that has been recorded since January of 2021.
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The information came from Glassnode, a decentralized currency analysis group. Their data shows that the number of Bitcoin whales has increased, and that is happening alongside an increase in spot ETF purchases, which offer low risk entry into the market.
Bitcoin is currently priced at $67,830 (BTC/USD0 and it is climbing from this morning’s early numbers. The coin is recovering from a drop to $65,198 and is up 2.47% over the last 24 hours. It looks like the coin is already starting a bullish trend again.
What Does the Increase in Whale Numbers Mean?
Analysts have been expecting Bitcoin to shoot to a new record high for a long time. Back in March of this year, Bitcoin recorded a new all-time high, and it has yet to surpass that. Since then, there have been price predictions that have speculated about when a new record would be set. Some hindrances to Bitcoin’s return to those levels have upset the cryptocurrency market, including Middle East fighting, a tough economy, and stubborn inflation. As some of those factors start to improve, Bitcoin’s odds of setting a new record high are looking better.
Whales are important to crypto analytics, and their movements can have a major impact on how the price level moves. Whales tend to buy and sell large quantities of Bitcoin at once, which creates market fluctuations. The fact that there are more of them than have been seen in years says something significant about their control over the market. It also tells us that there is renewed interest in Bitcoin as a long-term investment.
If the whales decide to make a move that involves a number of them at once, then that could create a powerful change in the market. Investors should pay attention to this data and reconsider Bitcoin’s chances of growing exponentially.
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