The latest on-chain data shows that Bitcoin (BTC) whales are in no rush to sell during the current rally that has pushed Bitcoin to new heights above $70,000.
Number of Bitcoin whales increases despite record high prices
The number of unique addresses holding at least 1,000 BTC, or “whales,” has increased to 2,104 addresses as of March 7.
However, this number is still lower than the record of 2,489 addresses reached in February 2021, when Bitcoin was trading above $46,000.
The increased number of wallets can also be attributed to the US Spot BTC ETF, which surpassed a cumulative trading volume of $52.5 billion on March 4.
The fact that whales are not selling their BTC at this level suggests they expect the price to rise further. Bitcoin whales are important because the size of their transactions can have a significant impact on prices.
Julio Moreno, head of research at on-chain intelligence firm CryptoQuant, also noted the growth in a March 7 post on X (formerly Twitter).
Moreno wrote:
“Growth in Bitcoin holdings by whales is going parabolic.”
Whales withdraw BTC from exchanges at record speed
Further evidence that whales #Bitcoin are in no rush to sell their holdings comes from some metrics measuring volume between whales and exchanges.
Glassnode data shows that transfers from exchanges to whales have also gone “parabolic” to a new record high this month.
Meanwhile, the volume moving from whales to exchanges increased only modestly compared to previous bull and bear market periods.
Overall, these figures show a large influx of new investors into Bitcoin and little sign of profit from wealthy investors despite BTC prices at record highs.
Bitcoin ETF continues to accumulate BTC
At a fundamental level, US Spot BTC ETFs continue to drive demand for BTC. #BlackRock #iShares Bitcoin Trust (IBIT), for example, recorded its highest daily inflow of $788 million on March 5.
$BTC 's next big target could be around $92,500, based on a combination of technical, on-chain, and fundamental indicators.
Notably, Bitcoin charts have recently formed a triangle-like bullish pennant that is considered by many to be a bullish continuation pattern.
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