Bitcoin Whales Push Holdings to 2-Year High

Bitcoin whales have been consistently gathering BTC since the beginning of the year, showing a bullish outlook for the crypto market. This steady accumulation by large holders, known as whales, has increased investor confidence and contributed to a bullish trend for Bitcoin over the past six months. Despite recent market drops, on-chain data shows that whale addresses have continued to accumulate, reaching the highest levels since 2022. The total Bitcoin supply in addresses holding 1,000 BTC or more has hit a two-year peak.

Data from IntoTheBlock indicates that Bitcoin whale addresses have hit a significant milestone. Addresses holding 1,000 BTC or more have now reached their highest levels in over two years. This surge started in January 2024, when the crypto market began to rise. A major factor was the introduction of Spot Bitcoin ETFs in the US. These new investment tools made it easier for institutional investors to buy Bitcoin, leading to significant investments. Glassnode data supports this, showing that US Spot ETFs have bought over 900,000 BTC in just seven months. Even during market corrections, funds have continued to purchase Bitcoin.

Bitcoin miners also played a role. In July, miners increased their holdings by 4,500 BTC, about $300 million. Currently, addresses holding 1,000 BTC or more account for 7.9 million BTC, or about 40% of the 19.7 million BTC in circulation.

Whale accumulation has positively affected Bitcoin’s price. When whales buy, it attracts attention, and smaller investors often follow. This increased buying can drive up Bitcoin’s price. The current accumulation suggests that Bitcoin might be nearing another price surge, possibly approaching the $70,000 level.

In conclusion, Bitcoin whale accumulation has reached a two-year high due to bullish market conditions and the introduction of Spot Bitcoin ETFs. This trend has boosted investor confidence and driven a significant price rally for Bitcoin. With whales holding a large portion of the circulating supply, their actions will continue to influence the market, potentially leading to further price increases.