Lucía Peña
BTC’s recent price movement has been marked by a significant rise in Bitcoin whale activity. The number of major Bitcoin holders—entities managing at least 1,000 BTC—has surged to its highest level since January 2021.
Data from Glassnode, highlighted by André Dragosch, Head of Research for Europe at Bitwise, indicates that the number of these substantial investors reached 1,678 this week. This increasing Bitcoin whale accumulation suggests growing confidence in Bitcoin’s future price growth.
Source: Glassnode
Bitcoin Whale, defined as entities controlling wallets with at least 1,000 BTC, are key players in the crypto market. They have the potential to influence liquidity and impact Bitcoin’s price. The rising number of Bitcoin whales is seen as a sign of their trust in the long-term value of the cryptocurrency, even as prices hover near historic peaks.
Retail Investors Remain Cautious
While large-scale investors are accumulating Bitcoin, retail investors are showing more hesitation. Data from CryptoQuant indicates that small-scale Bitcoin purchases have slowed as the asset nears the $70,000 mark. Over the past month, retail investors added just 1,000 BTC—a relatively slow rate compared to historical accumulation patterns.
In contrast, larger investors—those holding between 1,000 and 10,000 BTC—continue to buy Bitcoin at a much faster pace. Since the start of the year, these significant investors have accumulated an additional 173,000 BTC, while retail investors have added only 30,000 BTC. This trend indicates a split in market sentiment: smaller investors appear wary of high prices, while Bitcoin whales remain optimistic about future gains.
After reaching $69,000 earlier this week, Bitcoin’s price has stabilized around $67,350, approximately 10% below its all-time high of $73,800. Thursday saw a slight dip to $65,400, influenced by a strengthening US dollar index and rising Treasury yields, which have impacted high-risk assets like Bitcoin.
Optimistic Outlook Persists
Despite recent fluctuations, many analysts remain hopeful. Some suggest that rising yields are unlikely to dampen Bitcoin’s long-term prospects. They believe that the most likely trajectory for Bitcoin’s price is upward, particularly as institutional interest continues to climb.
Bitcoin’s performance remains strong compared to previous months, gaining 6% in value over the last 30 days. Institutional interest in the cryptocurrency also appears to be rising steadily, as shown by consistent inflows into US spot Bitcoin ETFs. On Wednesday, these ETFs saw a net cash inflow of $190 million, led by BlackRock’s iShares Bitcoin Trust (IBIT).
Furthermore, the recent increase in stablecoin reserves on exchanges indicates that additional buying pressure may be on the horizon, with institutional investors expected to drive the next wave of demand.
