The increase in wallets is also attributed to U.S. spot bitcoin exchange-traded funds (ETFs), which had a combined trading volume of more than $52.5 billion on March 4.
The fact that "whales" have not sold their bitcoins at this level suggests that they expect the price to rise further. #Bitcoin whales are important because the size of their transactions can have a significant impact on the price.
Julio Moreno, head of research at analyst firm CryptoQuant, also noted the price increase in a post on X (formerly Twitter) on March 7. Mr. Moreno wrote the following:
"The rise of the whales holding bitcoin is parabolic.
Further evidence that bitcoin-holding whales are in no hurry to dump their holdings comes from several metrics that measure the volume of transactions between whales and exchanges.
According to Glassnode, the volume of transfers from exchanges to whales is also "parabolic," reaching a record high this month.
In contrast, remittance volumes from whales to exchanges increased only slightly compared to previous periods of bull and bear markets.
Overall, these indicators point to a large influx of new investors into bitcoin, and despite the record high price of #BTC , there are no signs of profit taking by wealthy investors.
On a fundamental level, U. S. spot bitcoin ETFs continue to drive demand for BTC. For example, the #BlackRock iShares Bitcoin Trust (IBIT) recorded a maximum daily inflow of $788 million on March 5.
According to Cointelegraph, the next major target for bitcoin could be around US$92,500 based on a combination of technical, #chain and fundamental indicators. Notably, a bullish pennant-like triangle formation has recently appeared on bitcoin's charts and is widely regarded as a bullish continuation pattern.
This article does not contain investment advice or recommendations. Investing and trading involve risk, so readers should do their own research and make their own decisions.
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