Bitcoin (BTC) whales break record: Are they a sign of a rally?
The number of Bitcoin ($BTC ) whales has reached its highest level since January 2021.
According to data shared by Glassnode and Bitwise European Research Director André Dragosch, the number of whales holding at least 1,000 BTC reached 1,678, reaching its highest level since January 2021. The whales' buying movement, along with strong demand for spot ETFs listed in the US in particular, indicates increased confidence in Bitcoin.
Whales are defined as crypto wallet addresses holding at least 1,000 BTC. Whales are closely monitored due to their potential to affect market liquidity and prices.
On the other hand, as the Bitcoin price approached $70,000, buying transactions among individual investors decreased. According to onchain data platform CryptoQuant, individual investors have accumulated just 1,000 BTC in the last 30 days. Analysts noted that this increase remains at a historically low level.
As of writing, Bitcoin is trading at $67,000, just 10 percent away from ATH ($73,800). Bitcoin briefly exceeded $69,000 on Monday, but it fell back, unable to maintain that level.
Some analysts believe that the uncertainty in the market will not last long and that Bitcoin will start to move upwards. According to options trading on crypto exchange Deribit, the $80,000 and $100,000 levels are critical thresholds to watch for the rest of the year.
Breaking through $100,000, a psychologically challenging level, will accelerate the rally in cryptocurrencies.
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