The number of large Bitcoin holders, or “whales,” is growing again, adding to speculation that the cryptocurrency may soon reach new all-time highs. Data from Glassnode and André Dragosch, head of research for Europe at Bitwise, shows that the number of entities holding at least 1,000 BTC surged to 1,678 earlier this week, the highest figure since January 2021.
This renewed accumulation by large holders, combined with increased demand for alternative investment vehicles like U.S.-listed spot ETFs, reflects growing confidence in Bitcoin’s potential for future price gains. These large entities, defined as clusters of wallets controlled by a single participant holding at least 1,000 BTC, are closely monitored due to their significant influence on liquidity and market prices.
In contrast, retail investor activity has slowed as Bitcoin approaches the $70,000 mark. According to CryptoQuant, retail holdings increased by only 1,000 BTC in the past 30 days, marking a historically slow pace. Since the beginning of 2024, retail investors have accumulated 30,000 BTC, compared to the 173,000 BTC added by larger investors holding between 1,000 and 10,000 Bitcoin.
At press time, Bitcoin was trading above $67,000, just 10% shy of its record high of $73,800. Prices briefly peaked at over $69,000 on Monday before pulling back, likely influenced by rising U.S. Treasury yields and a strengthening dollar index.
Despite these headwinds, some analysts remain optimistic that rising yields won’t suppress risk assets for long, predicting that Bitcoin’s price could climb further. Options trading on the Deribit exchange points to $80,000 and $100,000 as key levels to watch for the remainder of the year.
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