Bitcoin whales are showing a positive trend similar to 2020, when they continuously accumulated Bitcoin (#btc ). From July 2020 to January 2021, the market witnessed a strong price increase of up to 550% after the shock of the Covid-19 pandemic. Currently, according to the analysis of CryptoQuant expert Woominkyu, the behavior of old and new whale addresses is similar to that period, creating expectations that a strong breakout may be imminent.
Specifically, the ratio$BTC The amount of BTC held by whales on spot exchanges mirrors what happened in 2020. Whales, those holding 1,000 BTC or more (equivalent to about $68 million each), have amassed more than 1.5 million BTC in the past six months. Notably, these wallets belong to large investors, unrelated to miners, and the balances in these wallets have increased nearly 10-fold in 2024, now accounting for about 9.3% of the total BTC supply, equivalent to $132 billion.
Additionally, CryptoQuant CEO Ki-Young Ju revealed that the number of new whale wallets, i.e. those that have held BTC for less than 155 days, has reached an all-time high (ATH) of 1.97 million BTC, a sign that many large investors are betting on Bitcoin despite short-term market volatility.
However, not all investors are accumulating. Some long-term investors and miners may have started to take profits, which creates selling pressure, preventing BTC from really breaking out. But this selling pressure is partly absorbed by short-term holders, who are moving into accumulation mode.
To better understand the next move of the market, it is extremely important to closely monitor the three major groups of investors: Long-term holders (LTHs), Short-term holders (STHs), and miners. These factors will help predict the next move of Bitcoin price.
Overall, given the current situation, if whales continue to accumulate and retail investors start to fall into a state of FOMO (fear of missing out), BTC price is likely to break out strongly by the end of 2024. However, the risk is not small, especially when miners and long-term investors are still likely to continue to sell off to take profits.
