Bitcoin’s renewed price performance and resilience over previous hurdles has sparked strong optimism among investors and traders about its potential for significant long-term growth, as evidenced by the surge in new coins. Bitcoin holders“Credits.
New whales are accumulating Bitcoin at a rapid rate
In light of the growing confidence in the general market, the number of new Bitcoin whale wallets has increased significantly as major investors continue to hoard the leading cryptocurrency assets. CryptoQuant CEO and Founder, Ki Young Joo, I mentioned The positive development in a recent post on the X platform (formerly Twitter).
This rise in new whale The wallet balance indicates that institutional and high net worth investors are becoming more confident in crypto assets, which is seen as a bullish indicator for BTC. It looks like the whales are taking advantage BTC consolidation phase And potential future gains to increase their holdings, leading to a rise in accumulation amid a broader market recovery.
According to Young Joo, the total balance of these wallets, which represents a notable portion of Bitcoin supply, has risen to around 1.97 million BTC, indicating growth of over 813% year-to-date (YTD).
With their Bitcoin holdings rising by 813% since the beginning of the year, CEO of CryptoQuant He highlighted that the new whale wallets now own 9.3% of the total supply, which is equivalent to $132 billion. Excluding exchange and mining wallets, each holds more than 1,000 BTC and the average lifetime of the coin is less than 155 days, indicating custodial.
Given the intensity of the increase, Young Joo initially thought there might be a flaw in the data as the numbers seemed excessively high. “To put it in perspective, it’s like institutional investors taking an additional 8.2% stake in a company called Bitcoin He added within a year.
Young Joe noted that the introduction of multiple players has increased the diversity of Bitcoin’s cap table. Hence, he claims that the climate around Bitcoin is maturing.
Active BTC has been experiencing tremendous growth since last month
The significant increase in the number of new whales coincides with a significant increase in the number of whales Bitcoin Active headlines, indicating increased interest and activity from investors in the cryptocurrency network, perhaps positioning themselves for an imminent market shift.
According to For CryptoQuant, there has been a significant rise in active BTC addresses since September, after a period of weak price performance in July and August, which was accompanied by a decline in the value of Bitcoin. metric.
CryptoQuant also highlighted that the growth exceeded the monthly and annual moving averages, reflecting an improvement in network user engagement. It is worth noting that active user participation has historically been a crucial indicator of a bull cycle because it shows that the network is experiencing rejuvenation He asks.
Featured image from Unsplash, chart from Tradingview.com
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