{"id":570466,"date":"2024-01-20T08:20:14","date_gmt":"2024-01-20T08:20:14","guid":{"rendered":"https:\/\/www.wncen.com\/?p=570466"},"modified":"2024-06-11T14:44:42","modified_gmt":"2024-06-11T14:44:42","slug":"bitcoin-whale-addresses-hit-15-month-high-a-sign-of-growing-accumulation","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-whale-addresses-hit-15-month-high-a-sign-of-growing-accumulation\/","title":{"rendered":"Bitcoin Whale Addresses Hit 15-Month High – A Sign Of Growing Accumulation?"},"content":{"rendered":"

The story has not been much different for the price of Bitcoin this week, as the premier cryptocurrency<\/a> has struggled to capitalize on its recent advancements. According to data from CoinGecko, BTC is down by more than 3% in the past week, putting doubts over the continuation of the bull run.<\/span><\/p>\n

However, the latest on-chain revelation has offered some relief, suggesting that the value of Bitcoin might be up for substantial recovery over the next few weeks.\u00a0<\/span><\/p>\n

Can Whale Accumulation Trigger Continuation Of Bull Cycle?<\/strong><\/h2>\nPopular crypto analyst Ali Martinez revealed – via a post on the X platform<\/a> – that the number of Bitcoin whales has witnessed a significant increase over the past few days. This is based on the \u201cNumber of Entities With At Least 1,000 BTC Balance\u201d metric from the on-chain analytics firm Glassnode.<\/span><\/p>\n
Related Reading: Algorand (ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base Skyrockets<\/a><\/div>\n
According to the latest Glassnode data, the number of addresses holding at least 1,000 BTC surpassed 1,510 on Thursday, January 18. This figure represents the metric\u2019s highest level in over 15 months (since August 2022).\u00a0<\/span><\/p>\n
$\"Bitcoin\"$ <\/p>\n
Chart showing the number of entities with at least 1,000 BTC | Source: Ali_charts\/X<\/a><\/pre>\n
Large holders, commonly known as \u201cwhales,\u201d are considered relevant entities in the cryptocurrency market due to their ability to influence prices and market sentiment. Hence, a notable uptick in the number of whales often suggests growing confidence in a cryptocurrency – in this case, Bitcoin.<\/span><\/p>\n
Furthermore, this surge in whale addresses signals potential accumulation amongst large investors and institutions<\/a>. Acquisition of large Bitcoin amounts is a positive sign for the market leader, especially in terms of price performance.<\/span><\/p>\n
A recent Santiment report<\/a> adds strength to this argument, saying that increased whale accumulation of Bitcoin would be a \u201ckey\u201d factor to help trigger another bull run for the flagship cryptocurrency and the entire sector.\u00a0<\/span><\/p>\n
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\ud83d\udc33 As the #crypto<\/a> weekend begins, shark & whale tiers for #Bitcoin<\/a> & top #stablecoins<\/a> remain mildly down:<\/p>\n
\ud83d\udcb0 10-10K #Bitcoin<\/a> wallets: 66.27% of supply
\ud83d\udcb0 100K-10M #Tether<\/a> wallets: 33.98% of supply
\ud83d\udcb0 100K-10M #USDCoin<\/a> wallets: 35.49% of supply<\/p>\n
Several events can<\/p>\n
(Cont) \ud83d\udc47 pic.twitter.com\/qu6SqG4Qis<\/a><\/p>\n
— Santiment (@santimentfeed) January 20, 2024<\/a><\/p><\/blockquote>\n