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. Access COINTURK FINANCE to get the latest financial and business news.
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.