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Recent on-chain data has revealed a new milestone for bitcoin whales, namely addresses containing at least 1,000 btc. Notably, bitcoin whale data shows that the number of addresses in this category is now at its highest point since January 2021 bull market levels.
With bitcoin still trading near its all-time high, this new whale milestone calls into question a better chance for bitcoin breaking above and creating a new all-time high coming soon.
Whale activity and number of keepers reach new highs
bitcoin whales have always been one of the most important indicators of current sentiment among traders and long-term holders. According to Glassnode data x.com/Andre_Dragosch/status/1849053407564226569″ rel=”nofollow”>presented by André Dragosch, director and head of research for Europe at Bitwise, the number of addresses that fall into the whale category has increased steadily since January 2024, where it was just below 1,500 addresses.
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The current market climate and influx of institutional investors have allowed this upward trajectory to persist over the past few months, pushing it beyond multiple levels. The latest figures reveal that the number of bitcoin addresses holding at least 1,000 btc has reached 1,678, marking the highest point in whale activity since January 2021, during the height of the last major bull run. .
<img data-recalc-dims="1" decoding="async" class="alignnone size-medium wp-image-649664 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/10/Bitcoin-Whale-Numbers-Return-to-January-2021-Bull-Market-Levels.png" alt="bitcoin” width=”460″ height=”259″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/10/Bitcoin_aed101.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/10/Bitcoin_aed101.png?w=460 460w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy”/>
What this suggests is that each of these addresses now has at least $67 million worth of bitcoin, given the current price of the cryptocurrency.
New all-time high incoming?
The whale accumulation that led to the previous high level in January 2021 was one of the key factors that drove the price of bitcoin to reach a high of over $69,000 in 2021.
Although bitcoin price has surpassed this previous peak to create an all-time high of $73,737 in March 2024, the same accumulation pattern appears to be developing. This interesting accumulation of btc by bitcoin whales has proven to be much needed push to stop deeper price corrections after a false breakup of a descending triangle earlier in the week.
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Even with the false breakout, the overall sentiment around bitcoin remains bullish. According to on-chain analytics provider CryptoQuant, it's not just whales driving the market. Retail investors have also gotten in on the action. On-chain data shows a 13% increase in retail demand over the past 30 days, a notable increase that mirrors retail interest seen in March 2024, just before bitcoin hit its latest all-time high.
<blockquote class="twitter-tweet”>
Chain retail activity returns after 4 months
“In the last 30 days, retail demand grew around 13%, highlighting a scenario that was only seen in March, when we were close to the last all-time high.” – By twitter.com/caueconomy?ref_src=twsrc%5Etfw” rel=”nofollow”>@caueconomía
Full publication https://t.co/VORO90JhVg pic.twitter.com/jHGzjUBgII
– CryptoQuant.com (@cryptoquant_com) twitter.com/cryptoquant_com/status/1848549218195059166?ref_src=twsrc%5Etfw” rel=”nofollow”>October 22, 2024
At the time of writing, bitcoin is trading at $67,000, having traded between $65,161 and $67,538 in a 24-hour range and between $65,441 and $69,227 in a seven-day range.
Interestingly, bitcoin is only 10% away from surpassing its all-time high once again. With this increased buying interest and accumulation from whales, bitcoin seems ready for another escape to set a new price record before the end of 2024.
Featured image created with Dall.E, chart from Tradingview.com
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