Bitcoin (BTC) whales, those holding large quantities of the cryptocurrency, seem to be in no hurry to sell amidst the current rally that has pushed the price of Bitcoin above $70,000, according to the latest on-chain data. The number of unique addresses holding at least 1,000 Bitcoin, also known as whales, has increased 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 growing number of wallets could be attributed to the success of United States spot Bitcoin exchange-traded funds (ETFs), which have surpassed $52.5 billion in cumulative trading volume as of March 4. The fact that whales are not selling their Bitcoin at these levels suggests that they anticipate further price increases. Bitcoin whales are significant because their trades can have a significant impact on the price. Glassnode data shows that transfers from exchanges to whales have reached new record highs this month, indicating that whales are not rushing to dump their holdings. In contrast, the transfer volume from whales to exchanges has only seen a slight increase compared to previous market cycles. These metrics suggest that there is a large influx of new investors in Bitcoin and that wealthy investors are not taking profits despite the record high prices. In the United States, spot Bitcoin ETFs, such as the BlackRock iShares Bitcoin Trust (IBIT), continue to drive demand for BTC. Technical, on-chain, and fundamental indicators suggest that Bitcoin’s next major target could be around $92,500. However, it is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Bitcoin whales defy market trend as BTC holdings surge exponentially despite reaching $70K.