The recent surge in the price of Bitcoin has captured the attention of large Bitcoin whales, who are taking advantage of the dip to buy more coins at discounted prices. These whales, holding at least 1,000 BTC, have been increasing their holdings over the past three months, signaling their bullish outlook on the cryptocurrency market.
The growing interest in Bitcoin among institutional investors has been a major driver behind the rise in the number of wallets holding at least 1,000 BTC. With institutional investors pouring billions of dollars into Spot Bitcoin ETFs, the demand for Bitcoin has been on the rise. The requirement for issuers to hold the BTC they sell to customers has led to a scarcity in the market, prompting these institutions to buy up a significant portion of the supply.
The number of addresses holding at least 1,000 BTC has seen a steady increase since the beginning of the year, climbing from less than 1,500 to 1,617 by March. This 8% increase in the number of large whales holding Bitcoin is a significant indicator of the growing bullish sentiment in the market. The last time there were this many whales holding this much BTC was back in 2021 at the peak of the bull market, suggesting that a similar price surge could be on the horizon.
After a period of consistent outflows, inflows into Spot Bitcoin ETFs have started to ramp up, signaling a renewed interest from investors. The inflows into these ETFs have seen a significant increase, with Tuesday recording a 2,600% jump in inflows. This influx of capital into the market has also boosted the price of Bitcoin, pushing it back above $70,000. The return of high inflows into the Spot ETFs has historically been bullish for the price of Bitcoin, indicating that a new all-time high could be within reach.
The rise in the number of Bitcoin whales, coupled with the surge in inflows into Spot Bitcoin ETFs, paints a bullish picture for the cryptocurrency market. With institutional investors driving the demand for Bitcoin and large whales increasing their holdings, the stage is set for a potential price rally towards $100,000. As the market dynamics continue to evolve, investors are advised to conduct their own research and make informed investment decisions.