The recent surge in Bitcoin ($BTC) whale wallets has brought the number to its highest level since November 2022, indicating that large cryptocurrency investors are capitalizing on Bitcoin’s stability in the $41,000 to $44,000 range.
According to Santiment, a renowned on-chain analytics firm, the number of wallets holding between 1,000 and 10,000 BTC has spiked to 1,958, the highest level in over a year. In contrast, the number of wallets holding between 100 and 1,000 BTC has dropped to its lowest level since November 2022, signaling a shift in accumulation patterns among large investors.
This accumulation of BTC by major whales coincides with a key price indicator flashing a buy signal, suggesting potential upside for the cryptocurrency. This comes after a period of consolidation around the $43,000 mark, following a decline triggered by the launch of spot exchange-traded funds in the US.
Despite the bullish sentiment surrounding BTC, data reveals that Bitcoin miners have been selling their holdings at a rapid pace, moving over 4,000 coins valued at approximately $173 million to cryptocurrency exchanges in a single day. This represents the highest selling activity since May 16, 2023, adding selling pressure to the market.
However, despite this selling pressure, Bitcoin is on track to achieve its fifth consecutive month of gains, which would be the longest winning streak since the pandemic-induced rally fueled by stimulus checks. If the momentum continues, Bitcoin could surpass its previous streak of monthly gains seen during the period between October 2020 and March 2021, before reaching its all-time high of nearly $69,000 in November 2021.
Looking ahead, industry experts like Skybridge Capital founder Anthony Scaramucci are eyeing the upcoming Bitcoin halving event as a major catalyst for price growth, with a bullish price target of $170,000 per coin. This reflects growing optimism and confidence in the long-term potential of Bitcoin as a store of value in the crypto industry.
