Bitcoin Whale Wallets With Over 1,000 BTC Are Almost At A New All Time High

Bitcoin Whale Wallets With Over 1,000 BTC Are Close to Setting a New Record

Key Points:

– Whale wallets holding over 1,000 Bitcoins are nearing a new all-time high of over 2,070.
– Institutional interest in Bitcoin is driving this surge, with companies like MicroStrategy and Semler Scientific investing significantly in the cryptocurrency.
– Bitcoin recently reached a high of $73,800, but has since settled at $66,750 amid market fluctuations.

According to Bitcoin Magazine, the number of Bitcoin whale wallets, which are collections of blockchain addresses managed by a single entity, holding at least 1,000 BTC is close to setting a new record. On-chain data confirms that in 2024, these wallets have increased by over 40, or 1.9%, and are almost reaching a record high of over 2,070.

This surge in whale wallets supports the narrative that institutional investors are playing a significant role in the current Bitcoin price rally. Notable publicly traded companies, like MicroStrategy, have diversified their cash reserves into Bitcoin, making it more appealing as a reserve asset. Even companies in the healthcare sector, such as Semler Scientific, are joining in on the trend by making significant Bitcoin purchases and planning to acquire more.

One growing topic of interest among market analysts is the impact of Bitcoin ETFs on the available supply and price. The buying pressure from ETFs is already surpassing the daily Bitcoin supply generated by miners. This effect has been amplified since the mid-April block subsidy halving, where the Bitcoin supply expanded by only 3,125 BTC per newly mined block.

In the first quarter of 2024, Bitcoin nearly doubled in value, reaching a high of $73,800. Currently, the price of Bitcoin stands at $66,750, showing a 1.76% decrease in the past 24 hours. The coming months will reveal whether large investors will continue accumulating Bitcoin despite potential market sell-offs.

Disclaimer: The information provided on this website is for general market commentary and should not be considered investment advice. It is advisable to conduct your own research before making any investment decisions.