Whale and shark wallets hold more BTC, fueling Bitcoin’s record $97,890 price surge, signaling strong investor confidence.
Bitcoin’s price rise shows whales and sharks consolidating holdings, with fewer wallets controlling more BTC.
Big investors’ increased Bitcoin holdings suggest a long-term bullish trend, potentially steering the market’s future.
Bitcoin has hit a new record price of $97,890, thanks to big investors, often called whales and sharks, buying more Bitcoin. These investors, who hold at least 10 BTC, added a total of 56,397 BTC, worth about $5.43 billion, in just the past month. Despite a 0.82% decline in wallet numbers, the total Bitcoin supply held by these addresses significantly increased. This trend underscores growing confidence among high-net-worth investors.
Whales and Sharks Consolidate Holdings
Since mid-October, Bitcoin's price surge coincided with increased activity among major holders. Notably, the collective supply in wallets holding at least 10 BTC has grown steadily. This accumulation reflects large-scale investors' strategic positioning as prices rise.
Interestingly, 1,256 fewer wallets met the 10 BTC threshold compared to a month ago. However, the remaining wallets showed higher BTC balances, suggesting consolidation. Consequently, a smaller group of investors now controls more Bitcoin, showcasing market concentration.
Source: Santiment
Market Confidence Fuels Price Rally
Analyst insights emphasize the correlation between whale and shark activity and Bitcoin’s price growth. Larger players accumulating coins highlights confidence in the asset’s long-term value. This redistribution pattern hints at a maturing market, where wealthier entities dominate holdings.
Moreover, these trends could indicate the rally’s longevity, as high-net-worth investors typically drive prolonged price movements. While smaller holders exited, whales and sharks increased their positions, strengthening their influence.
What This Means for Bitcoin’s Future
Bitcoin’s rising price, paired with increased holdings by large-scale investors, suggests optimism about its future. As whales and sharks dominate the market, their behavior will likely guide upcoming trends. Watching these stakeholders closely is crucial to understanding Bitcoin's potential trajectory in this historic bull run.
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