Bitcoin whales not selling despite $70K — BTC holdings growth ‘is going parabolic’

#TrendingTopic #BTC_live_market_update #whalesmarket

Bitcoin addresses holding at least 1,000 BTC are climbing again despite the BTC price reaching over $70,000 for the first time.

The number of unique addresses holding at least 1,000 Bitcoin — known as whales — has risen to 2,104 addresses as of March 7.

However, this is still lower than the record of 2,489 addresses reached in February 2021, when Bitcoin was trading above $46,000.

The rising wallet count could also be attributed to the United States spot Bitcoin exchange-traded funds (ETFs), which surpassed $52.5 billion in cumulative trading volume on March 4.

The fact that whales are not selling their Bitcoin at these levels suggests that they expect prices to rise further. Bitcoin whales are important because the size of their trades can significantly impact price.

Julio Moreno, the head of research at on-chain intelligence firm CryptoQuant, also took note of the growth in a March 7 X post.