Bitcoin whales are not rushing to sell despite BTC reaching $70,000!

The latest on-chain data shows that Bitcoin whales are not rushing to sell during the current price surge, as Bitcoin sets a new high above $70,000.

Bitcoin whale numbers continue to rise despite reaching new highs

As of March 7, the number of unique wallets holding at least 1,000 Bitcoins - known as whales - has increased to 2,104 addresses. However, this number is still lower than the record of 2,489 addresses reached in February 2021, when Bitcoin was trading above $46,000.

The fact that whales are not selling Bitcoin at this price level indicates their expectation for the price to continue rising. Bitcoin whales play a crucial role as their trading volume can significantly impact the price.

Julio Moreno, Research Director at on-chain analysis company CryptoQuant, also noted this increase in a post on X (Twitter) on March 7. Moreno believes: "The proportion of Bitcoin holdings by whales is increasing rapidly."

Whales withdraw Bitcoin from exchanges at a record pace

Data from Glassnode shows that the transfer of Bitcoin from exchanges to whale wallets has also "skyrocketed" to a new all-time high this month.

Meanwhile, the volume transferred from wallets to exchanges has only slightly increased compared to previous market price surges.

Overall, these figures indicate a large influx of new investors into Bitcoin and very few signs of profit-taking from wealthy investors despite BTC's record high price.

Fundamentally, Bitcoin ETFs in the US 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 major target could be around $92,500, based on a combination of technical, on-chain, and fundamental indicators. Notably, a recent Bitcoin chart has shown a bull pennant pattern, widely recognized as a continuation pattern for price increase.