The number of wallets with more than 1,000 bitcoins has shown strong growth in 2024, reaching its highest level since January 2021, when Bitcoin was approaching its all-time highs. This rise suggests significant accumulation by large investors, known as whales, which could be an indicator of possible bullish momentum.
According to Glassnode data, there are currently 1,678 addresses that own 1,000 bitcoins or more. In the last month alone, these whales have accumulated 173,000 BTC, equivalent to about $11.7 billion dollars. This accumulation has led to speculation that the price of Bitcoin could reach new all-time highs.
As whales continue to accumulate, retailers have shown more moderate behavior. In the last month, retail investors added 1,000 BTC to their portfolios, reaching a total of 30,000 bitcoins accumulated so far this year. The massive entry of retailers, possibly in 2025, along with an eventual bullish rally, is expected to act as a major catalyst, especially if Donald Trump wins the US presidential election.
The number of wallets falling into the Bitcoin whale category reaches the highest point since January 2021. Source: Glassnode
Bitcoin whales: a decisive factor in the crypto market
One of the key aspects of Bitcoin whales is their focus on the long term. The short-term volatility of the crypto market has little impact on your investment strategies. Despite the price fluctuation throughout 2024, whales have continued to accumulate steadily.
In the last six months, these whales have sent 1.5 million bitcoins to accumulation wallets, which could lead to supply shortages and potentially an increase in the price of BTC. If this pace of buying continues, especially driven by the institutional sector, whales could be the key driver of this market cycle.
This context suggests a buy signal, as the massive accumulation of whales has not yet fully impacted the price of Bitcoin. At the time of writing, the price of BTC is $67,600, with an increase of 2.33% in the last 24 hours and a positive weekly performance of 0.17%.
Analysts and investors are watching two major events that could influence prices: the US presidential election and the Federal Open Market Committee (FOMC) meeting in November. A possible rate cut by the Federal Reserve will be discussed at the meeting, while the election could have an even bigger impact on the market.
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