Bitcoin Whales (BTC) clearly expect significant price increases in the future, as the number of wallets containing more than 1000 BTC ($ 35 million) will reach record highs.
Analysis data on the chain from Glassnode confirms that as of 20 January, the number of portfolios with large balances exceeded 2400.
Whale books have reached record heights
In 2021 alone, 164 new facilities were created with more than 1,000 BTC, which together controlled around 6 billion dollars. While all of this may not mean that whales are gaining ground, the numbers provide the current wealth transfer history that has marked the recent rise of Bitcoin.
As reported by Cointelegraph, the only category of the 1000+ BTC wallet has increased recently, while the number of wallet owners has decreased, on the contrary.
While some urged shareholders not to sell themselves to the whales, others argued that these new major players would aggressively defend the value of their investments.
The large supply of funds to the puppy wallets was $ 29,314. They want to protect their bitcoins … This will provide strong support for Bitcoin in the short term, and hopefully in the long term, “a whale watching resource summed up on Twitter this week.
Bitcoin is still at a crossroads when it comes to price action in the spot market, trading in a corridor between $ 30,000 and $ 40,000 during the week. Meanwhile, corporate giant Grayscale unveiled its biggest BTC purchase in a day of over 16,000 BTC worth nearly $ 700 million.
The “strong segment” of the beef market has not yet started
However, looking ahead, the indicators continue to reveal a very bullish potential for Bitcoin / USD.
After the Bitcoin thermocouple indicated that the price is in the early stages of the bubble, volatility now indicates that the market is just beginning to rise. According to total investor Dana Tapero, the reference point is the beginning of 2017 – the beginning of an upward trend that has lasted for almost a year.
Bitcoin / S&P 500 volatility versus BTC / USD chart. Source: Bloomberg Intelligence / Dan Tabiro / Twitter.
“Massive schedule. The strong part of the #bitcoin bullish move has not started yet. The chart shows that we are in a time period equivalent to Q117, ”he uploaded a 90-day Bitcoin volatility mixed chart against the S&P 500’s 260-day volatility.
“Volatility readings increase sharply at the end of the move … still close to their low now. It’s hard to imagine that #btc could be 5-8 times larger in 2021.