According to data from the on-chain platform Glassnode, the number of wallet addresses holding more than 1,000 bitcoins has surged since late February, rising from 2,037 to 2,107 at one point, a four-month high, and since early March, more than 60 new wallet addresses have held more than 1,000 bitcoins. These data show that the activity of market whales and large holders has increased significantly, and they are aggressively buying positions on dips.
This activity trend is similar to the trajectory of November and December last year, when the crypto market soared due to optimism about Trump’s election. Although the current whale’s Chibi address book has not broken the high of more than 2,500 in February 2021, the overall trend shows that the confidence of large investors is increasing.
In addition, the number of wallet addresses holding more than 100 bitcoins has also increased, reaching 18,026 as of April 20. However, the number of small investors holding less than 10 bitcoins has continued to decline in the past few months, showing that Bitcoin is gradually concentrating on large holders. Whales are absorbing Bitcoin at a rate of more than 300% of annual mining, while exchange balances continue to decline.
Glassnode further pointed out that whales holding more than 10,000 bitcoins are still in a strong accumulation phase and continue to buy when prices fall. Bitcoin trader “Mister Crypto” said on April 20: “Whales are hoarding Bitcoin in large quantities, and they know what will happen next.” Suggesting that the market may usher in a wave of rising prices.
Bitcoin price movements also support this view. On April 21, Bitcoin rose by more than $3,000, returning to its recent high of $87,400. Some analysts believe that this breakthrough broke away from the sideways trend since early March, while breaking the multi-month falling wedge pattern, which may indicate that the price of Bitcoin will hit the six-digit mark in May.
