In recent weeks, savvy cryptocurrency investors have been taking advantage of Bitcoin‘s stable pricing, which has hovered between $41,000 and $44,000. Evidence of this strategic interest is the increase in the number of whale wallets (those holding substantial amounts of Bitcoin), reaching a peak not seen since November of the previous year.
Whale Accumulation Amid Price Signals
On-chain data from Santiment reveals a significant rise in wallets containing 1,000 to 10,000 BTC, totaling 1,958, marking a new record since late 2022. Conversely, the cohort of wallets holding 100 to 1,000 BTC has shrunk to its smallest size. This uptick in large-scale wallets comes at a time when an important price indicator suggests a potential uptrend, hinting that Bitcoin could maintain its upward trajectory.
Miner Activity and Market Impact
The observation coincides with the initiation of spot-traded funds in the U.S. market and a period of notable Bitcoin miner activity. Data indicates that miners transferred a substantial 4,000 BTC, valued at about $173 million, to exchanges in a single day, adding selling pressure to the market.
Despite this, Bitcoin’s value has been experiencing a consistent rise, marking gains for the fifth month in a row—its longest streak of monthly increases since the pandemic rally. Should this momentum continue, the cryptocurrency may replicate its previous record-breaking runs, potentially reaching highs similar to those of November 2021, when it nearly touched $69,000.
Anthony Scaramucci of Skybridge Capital recently expressed his confidence in Bitcoin’s future, predicting substantial growth triggered by the anticipated halving event, with a target price of $170,000 per unit of the digital currency.
