Bitcoin’s largest investors, affectionately known as “whales,” have been actively accumulating the cryptocurrency over the past year. Since February 2022, the number of large Bitcoin wallets holding more than 10 Bitcoin has surged by 8.12%.
This accumulation trend has culminated in a record high of 157,400 such wallets by September 26, 2023, surpassing the previous all-time high established in 2019.
In the crypto world, “whales” are renowned for their immense holdings of Bitcoin, often ranging into the thousands. This surge in their accumulation indicates a prevailing bullish sentiment in the market, underscoring Bitcoin’s transformation into a mature asset class.
Notably, it has garnered the attention of diverse investors, including institutions and high-net-worth individuals, taking long-term positions in digital gold, thus mitigating market volatility.
Despite the positive signals, this surge in the concentration of BTC in a few select wallets raises pertinent concerns about wealth inequality within the crypto ecosystem. With a notable ability to sway market dynamics, these large holders hold the potential to impact smaller investors and market stability.
Furthermore, data provided by analyst Ali revealed that BTC whales have been on a buying spree, accumulating approximately 117 BTC in the past 48 hours, equivalent to roughly $3.2 million.
This robust accumulation is underscored by recent findings from Santiment, who reported that 16 more wallets had crossed the threshold into the “shark” category, holding between 100 and 1,000 BTC. These occurrences correlate with smaller wallets “graduating” to the next tier as key stakeholders continue to grow.
Bitcoin Price Surge & Market Momentum
Meanwhile, BTC’s price experienced an overnight surge, maintaining its upward trajectory to breach the $27,000 mark. Following a brief correction phase last week, Bitcoin retraced from the $28,000 level and formed a bottom close to $26,700, briefly slipping below the 200-day Exponential Moving Average (EMA). This rapid price-action reversal has reignited optimism about a bullish trend in the coming weeks.
As of the latest price analysis, Bitcoin is currently valued at $27,827.28, boasting a 24-hour trading volume of $12 billion, surging by a staggering 166%. Over the last 24 hours, Bitcoin has appreciated by 3.40%, underscoring the renewed enthusiasm among investors for the world’s leading cryptocurrency.
The combination of whale accumulation, increased trading volumes, and positive price movement has instilled a sense of optimism in the crypto community, indicating a potentially bullish future for Bitcoin.
Related Reading | DOGE Crossroads: Will $0.0835 Breakout Lead to $1 or $0.0482 Support Test?