Bitcoin’s recent surge has reignited interest among large holders, known as whales, as the number of entities holding at least 1,000 BTC has climbed to 1,678, the highest since January 2021. According to data tracked by Glassnode and André Dragosch of Bitwise, this growing accumulation, combined with solid demand for U.S.-listed spot ETFs, signals rising confidence in the cryptocurrency’s price prospects.
Whales, defined as clusters of crypto wallet addresses held by a single entity controlling at least 1,000 BTC, play a significant role in the market due to their ability to influence liquidity and prices. Their increasing activity is seen as a bullish indicator, particularly with Bitcoin trading just above $67,000, nearing the $70,000 threshold.
While whales are on the rise, retail investor accumulation has slowed. According to analytics firm CryptoQuant, retail holdings have increased by only 1,000 Bitcoin in the past 30 days, marking a historically slow pace. “Since the start of 2024, the holdings of larger investors—those with between 1 and 10,000 Bitcoin—have grown much faster than retail holdings,” analysts at CryptoQuant reported, noting that retail investors have added 30,000 BTC in 2024 compared to 173,000 BTC accumulated by larger investors.
Despite some short-term dips due to a strengthening dollar and rising Treasury yields, analysts remain confident about Bitcoin’s upward trajectory. Deribit options trading is eyeing potential price targets of $80,000 to $100,000 for the remainder of the year, with many seeing the path of least resistance for BTC continuing higher.
