Bitcoin Whales Are Hungrier Than Ever for BTC—Here’s Why

Bitcoin whales are showing an increased appetite for the popular cryptocurrency, indicating a growing demand for BTC. These whales, individuals or institutional investors who hold significant amounts of Bitcoin without selling it for extended periods, are known for making substantial gains. According to CryptoQuant, these investors’ demand growth is currently at its highest level ever, leading to price surges in the past. What’s interesting is that the demand from these long-term holders has outpaced the creation of new Bitcoin for the first time, potentially leading to a price rally after the upcoming halving event. With the halving set to cut Bitcoin miner rewards in half, creating greater scarcity, experts predict the asset’s value will rise, especially given the introduction of widely popular Bitcoin spot exchange-traded funds (ETFs) that have attracted significant capital into the cryptocurrency market. Overall, this surge in demand from both traditional and new Bitcoin whales, coupled with the scarcity resulting from the halving, is driving up the price of Bitcoin, which recently reached an all-time high of nearly $74,000.