Whales don’t seem to be in a hurry to sell their Bitcoin at the moment. Even during Bitcoin’s rally, which pushed the currency above $70,000, the whales did not move.
In fact, only whales seem to be arriving at the moment.
Bitcoin whales reproduce
The number of unique addresses with at least 1,000 Bitcoin, the so-called whales, increased to 2,104 on March 7. Although this is still less than the record of 2,489 wallets in February 2021, this is a special development.
During the previous cycle, the number of whale wallets peaked just before Bitcoin hit the all-time high of $64,000 in May 2021.
It might be interesting to keep an eye on this statistic throughout the cycle. Once whales start selling and the population shrinks significantly, the price top may be near.
Of course, we cannot rule out that the increasing number of whale wallets is related to the success of the Spot Bitcoin ETFs, which achieved a cumulative trading volume of $52.5 billion on March 4.
But the fact that whales are not selling yet indicates that they believe in higher Bitcoin prices. It would of course also be strange if it remained at a very cautious new all-time high during a bull market.
‘Number of Bitcoin in the hands of whales goes parabolic’
Julio Moreno, the head of CryptoQuant’s research department, shared on Twitter a graph in which we can see that the number of Bitcoin in the hands of the whales is currently going parabolic.
The next graph from Glassnode shows that whales are currently withdrawing Bitcoin from the stock exchanges at a tremendous pace.
However, this outflow from the stock exchanges was accompanied by the launch of the Spot Bitcoin ETFs. So it seems that the growth in the number of whales and the wallets of these wealthy investors is mainly the result of the successful ETF launches.
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Source: https://newsbit.nl/whales-verkopen-niet-ondanks-bitcoin-koers-van-70-000/
