Bitcoin's major holders have surged to their highest count since the 2020 bull market, with over 1,510 addresses now holding more than 1,000 BTC each.
This increase, coupled with significant developments in the cryptocurrency world, suggests a potential return to a full-scale bullish market.
Dive into our comprehensive article to explore the latest trends and predictions for Bitcoin's future.
Surge in Addresses Holding Over 1,000 BTC
The number of Bitcoin (BTC) whales, or major holders, experienced a significant increase last Friday, reaching a peak not seen since August 2020.
Noted analyst Ali Martinez (@ali_charts) cited data from Glassnode on January 19, 2024, reporting that "the number of wallet addresses holding over 1,000 BTC has reached a total of 1,510."
Accumulation for a Full-Scale Bull Market?
Whales, who own substantial amounts of cryptocurrency, tend to increase their holdings during price dips and sell during price surges.
This pattern has led to the interpretation that an increase in BTC whales could signal the arrival of a bullish market phase.
Recent developments include the start of physical Bitcoin ETF trading in the United States and the scheduled Bitcoin halving in April 2024.
These factors suggest that large investors may be accumulating BTC in anticipation of a full-scale bull market.
It's worth noting that the last time the number of whales holding over 1,000 BTC was close to the current figure was in August 2020, when BTC was priced around $12,000.
Following this period, the price of BTC significantly increased, reaching an all-time high of around $70,000 in November 2021.
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