Bitcoin whales are in no hurry to sell despite BTC reaching 70,000 USD!
The latest on-chain data shows that Bitcoin whales are in no rush to sell during the current bull run, as Bitcoin sets a new high exceeding $70,000.
🔸 The number of Bitcoin whales is still increasing despite the price reaching a new peak
- As of March 7, the number of unique wallets holding at least 1,000 Bitcoin - known as whales - has increased to 2,104 addresses. However, this is still lower than the record 2,489 addresses reached in February 2021, when Bitcoin was trading at above $46,000.
- The fact that whales are not selling Bitcoin at this price shows that they expect the price to continue to rise. Bitcoin whales play an important role because their trading volume can significantly influence the price.
- Julio Moreno, Research Director at on-chain analytics firm CryptoQuant, also noted this increase in an X (Twitter) post on March 7. Moreno said: “Bitcoin holdings of whales is skyrocketing.”
🔸 Whales withdraw Bitcoin from exchanges at record speed
- Glassnode data shows that Bitcoin transfers from exchanges to whale wallets have also "skyrocketed" to a new record high this month.
- Meanwhile, the volume transferred from wallets to exchanges only increased slightly compared to previous bull market periods.
- Overall, these figures show a large influx of new investors into Bitcoin and little sign of profit-taking from wealthy investors despite BTC prices at record highs.
Essentially, US Bitcoin ETFs continue to drive high demand for BTC. For example, BlackRock iShares Bitcoin Trust (IBIT) recorded its highest daily inflows of $788 million on March 5.
🎯 According to Cointelegraph, Bitcoin's next big target could be around $92,500, based on a combination of technical, on-chain, and fundamental indicators. Notably, the Bitcoin chart recently featured a bull pennant, which is widely recognized as a bullish continuation pattern.
Source: Tradecoinvn.com
