Bitcoin Whales Won’t Sell Despite $70k – Growth of BTC Holdings ‘Parabolic’
Bitcoin (BTC) whales are in no rush to sell Bitcoin (Bitcoin) for a rally to highs above $70,000, according to the latest on-chain data.
Although the price is high, the population of the Bitcoin well will increase
The number of unique addresses holding at least 1,000 Bitcoins – known as whales – has grown to 2,104 addresses as of March 7.
However, this is less than the record of 2,489 addresses in February 2021 when Bitcoin was trading above $46,000.
The growing number of wallets surpassed $52.5 billion in accumulated trading volume for Bitcoin exchange-traded funds (ETFs) on March 4 in the United States.
The fact that whales are not selling their Bitcoin at these levels suggests that their price will continue to rise. Bitcoin whales are important because the volume of their trade can have a significant impact on the price.
Julio Moreno, Head of Research at CryptoQuant at Chain Intelligence, noted the development in a March 7 X post. Moreno wrote:
“The growth of whales' bitcoin holdings is becoming alarming.”
Whales are exiting BTC exchanges at record speed
Further evidence that Bitcoin whales are in no rush to dump their holdings comes from several metrics that measure the volume between whales and exchanges.
Data from Glassnode shows that transfers from exchanges to whales also reached a new record high this month.
Meanwhile, the volume of moves from whales to the exchange showed a modest increase compared to previous bull and bear market periods.
Overall, these metrics suggest an influx of new investors into Bitcoin and no sign of profit-taking by wealthy investors despite record high BTC prices.
Bitcoin ETF buying continues.
Fundamentally, Bitcoin ETFs in the United States continue to drive demand for BTC. BlackRock's iShares Bitcoin Trust (IBIT), for example, hit a record high of $788 million on March 5.
Related: Bitcoin retail interest returns, pushing BTC spot trading volume to 12-month high
According to Cointelegraph, Bitcoin's next big target could be around $92,500, depending on technical, chain and fundamental indicators. Specifically, Bitcoin charts have recently published a bullish pennant-like triangular pattern, which is considered a bullish continuation pattern.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
