Bitcoin has in the past few weeks, pushing its price above consecutive price resistances to reach new yearly highs. Bitcoin recently pushed past $44,000, registering gains of 15% in a 7-day timeframe.
However, while the price gain can be partly attributed to hype around the , on-chain data shows increased activity among many big holders. According to the on-chain analytics platform Santiment, the recent surge in the price of BTC has been connected with an increase in the number of wallets holding more than 100 BTC.
Large Bitcoin Wallets Increase Purchases
An X post by Santiment has revealed the amount of wallets holding 100 BTC or more has been on the rise for four weeks. Bitcoin went through unprecedented gains in October, and whales and large holders holding between 100 and 1,000 BTC increased by 16 wallets. As a result, BTC continued on its price climb, pushing $30,000, the first of many to come in the following weeks.
However, Santiment data shows that the number of large wallets saw a big drop-off on November 9, correlating with a brief period of profit-taking which saw Bitcoin drop from $37,000 to $35,500 by November 15.
Things started to change by mid-November, indicating that the bull rally wasn’t slowing down. The number of whale addresses holding 100 BTC or more started to rise around this time period, and 48 of these whale wallets have returned in the past four weeks, indicating these large players have been busy stocking up on BTC during the rally. According to Santiment data, there are now around 16,000 of these wallets.
🐳 ‘s climb has continued, reaching $44K just 2 hours ago. The amount of existing 100+ wallets have correlated tightly with this price climb. Since a big drop-off on November 9th, 48 of these whale wallets have returned in the past 4 weeks. — Santiment (@santimentfeed)
More BTC Gains In December?
December has historically been a mixed month of performance for Bitcoin. However, the last time the crypto registered price gains in October and November, it would go on to spike another 46.92% in December. A repeat could see Bitcoin reach above $55,000 before the end of the year.
Source: X
The recent Bitcoin price rally is somehow different from past rallies, as for a price surge like and the in the US are still yet to happen. Santiment’s on-chain metric regarding whale wallets reiterates the position of many crypto analysts predicting that the recent price surge is just the start of an extended bull run that will continue through 2024.
Bitcoin is currently trading at $43,767 after briefly touching over $44,000 for a few hours. According to crypto analyst Ali Martinez, the TD Sequential indicator indicates a possible price pullback for BTC to the $37,000 support zone.
A price correction is coming… The question is when? Well, the TD Sequential indicator suggests that a potential price pullback could begin within the next 7 to 48 hours, based on the daily and three-day charts. 👀 — Ali (@ali_charts)
BTC price reclaims $44,000 |