Bitcoin Whale Wallets Hit Highest Level Since November 2022 as BTC Price Stalls

Bitcoin’s stability around the $41,000 to $44,000 mark has led to an increase in the number of whale wallets holding the cryptocurrency. According to on-chain analytics firm Santiment, the number of wallets holding between 1,000 and 10,000 BTC has reached its highest level since November 2022, while the number of wallets holding between 100 and 1,000 BTC has dropped to its lowest level since November 2022. These large whales are accumulating BTC, taking advantage of a key price indicator that has signaled a buy signal. Bitcoin miners, on the other hand, have been selling their holdings, putting selling pressure on the market. Despite this, Bitcoin is heading for its fifth consecutive month of gains, with the potential to reach its highest streak of monthly gains since the pandemic-driven rally. Skybridge Capital founder Anthony Scaramucci has even predicted a $170,000 price target per coin, citing Bitcoin’s upcoming halving event as a catalyst for growth.