Bitcoin Whale Addresses Hit 15-Month High – A Sign Of Growing Accumulation?

Opeyemi Sule

1 year ago

3 mins read

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The story has not been much different for the price of Bitcoin this week, as the premier cryptocurrency has struggled to capitalize on its recent advancements. According to data from CoinGecko, BTC is down by more than 3% in the past week, putting doubts over the continuation of the bull run.

However, the latest on-chain revelation has offered some relief, suggesting that the value of Bitcoin might be up for substantial recovery over the next few weeks.

Can Whale Accumulation Trigger Continuation Of Bull Cycle?

Popular crypto analyst Ali Martinez revealed – via a post on the X platform – that the number of Bitcoin whales has witnessed a significant increase over the past few days. This is based on the “Number of Entities With At Least 1,000 BTC Balance” metric from the on-chain analytics firm Glassnode.

According to the latest Glassnode data, the number of addresses holding at least 1,000 BTC surpassed 1,510 on Thursday, January 18. This figure represents the metric’s highest level in over 15 months (since August 2022).

Chart showing the number of entities with at least 1,000 BTC | Source: Ali_charts/X

Large holders, commonly known as “whales,” are considered relevant entities in the cryptocurrency market due to their ability to influence prices and market sentiment. Hence, a notable uptick in the number of whales often suggests growing confidence in a cryptocurrency – in this case, Bitcoin.

Furthermore, this surge in whale addresses signals potential accumulation amongst large investors and institutions. Acquisition of large Bitcoin amounts is a positive sign for the market leader, especially in terms of price performance.

A recent Santiment report adds strength to this argument, saying that increased whale accumulation of Bitcoin would be a “key” factor to help trigger another bull run for the flagship cryptocurrency and the entire sector.

🐳 As the #crypto weekend begins, shark & whale tiers for #Bitcoin & top #stablecoins remain mildly down:

💰 10-10K #Bitcoin wallets: 66.27% of supply
💰 100K-10M #Tether wallets: 33.98% of supply
💰 100K-10M #USDCoin wallets: 35.49% of supply

Several events can

(Cont) 👇 pic.twitter.com/qu6SqG4Qis

— Santiment (@santimentfeed) January 20, 2024

The blockchain analytics firm also highlighted the accumulation of the Tether and USDC stablecoins as a vital signal for the cryptocurrency market’s return to its recent high.

Bitcoin Price Overview

As of this writing, the price of Bitcoin stands at $41,593, reflecting a 1.1% increase in the past 24 hours. This doesn’t fully tell the story of the coin’s performance in the past day, though, as it briefly fell below $41,000.

According to data from CoinGecko, BTC is down by more than 5% in the last 14 days. The cryptocurrency has reversed all its gains and more from the recent launch of spot exchange-traded funds in the United States.

Nevertheless, Bitcoin maintains its spot as the largest cryptocurrency in the sector, with a market cap of over $814 billion.

Bitcoin's price reclaims $41,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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