Bitcoin (BTC) whale total is on track for its highest level in three years. Earlier this week, the number of entities with at least 1,000 BTC increased to 1,678, according to Glassnode data, marking a record not seen since the beginning of 2024 and approaching the one it had in January 2021. This accumulation by Large holders, coupled with strong adoption of the US bitcoin ETF, suggests growing confidence in bitcoin's price prospects.
Glassnode says record for total bitcoin whales broken. Source: Glassnode. Bitcoin whales are those entities that own at least 1,000 BTC. These entities are crucial in the ecosystem because their activity can significantly influence market liquidity and prices. Monitoring these whales is key to understanding large-scale market movements.
Historically, when whales accumulate, it is suggested that they expect an increase in price. This behavior not only affects market perception, but also can cause real movements in prices due to the change in supply and demand.
Recently, BitcoinDynamic reported that bitcoin whales were active in searching for buying opportunities when the price of BTC was below USD 61,000. Ki Young Ju, CEO of CryptoQuant, highlighted that the market was witnessing an unprecedented accumulation, led by what he called the “new whales.” This trend is indicative of a long-term strategy, where these large holders are betting on a future increase in the value of bitcoin.
The influence of whales on the market is not just a matter of perception. Its ability to move large amounts of bitcoin can create or respond to market trends. For example, a sell-off by whales can trigger a decline in price due to a perceived lack of confidence, while a sustained accumulation It can be seen as an indicator that better times are to come.
This increase in the number of whales also reflects greater institutionalization of the cryptocurrency market. The entry of investment funds and other sophisticated financial vehicles market dynamics are changingmaking the accumulation of large volumes of bitcoin more common and strategically planned.
This article was created using artificial intelligence and edited by a human Editor.