Rising Number of Bitcoin Whale Wallets
The number of large cryptocurrency investors has continued to rise, leading to Bitcoin whale wallets holding between 1,000 and 10,000 BTC reaching the highest levels since November 2022, while smaller wallets have decreased.
Large Whales Accumulating BTC
These large whales are accumulating BTC at a time when a key price indicator has started flashing a buy signal, which suggests the price of the flagship cryptocurrency could continue rising in the future, as it recovers from a drop that accompanied the launch of spot exchange-traded funds in the US.
Bitcoin Miners Selling Holdings
At the same time, Bitcoin miners have been selling their BTC holdings, moving over 4,000 coins valued at around $173 million from their wallets to cryptocurrency exchanges in a single day, the highest figure seen since May 16, 2023, adding selling pressure to the market.
Potential for Extended Gains
The price of the flagship cryptocurrency has been heading for its fifth month of gains in a row, and if it keeps rising, it will reach its highest streak of monthly gains since its pandemic-era rally. Earlier this month, Skybridge Capital’s Anthony Scaramucci revealed a $170,000 price target per coin, pointing to BTC’s upcoming halving event as a major catalyst for its growth.
Hot Take
Bitcoin whale wallets continue to grow amid stability in Bitcoin’s price, indicating potential for further growth, while Bitcoin miners have started selling their holdings, adding selling pressure to the market. As a result, BTC is heading for its fifth month of gains, with potential for sustained growth in the future.
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