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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Whales Increase Their Holdings By $3 Billion – Is A Price Surge Imminent?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin

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It’s only been a month into 2024, and Bitcoin has already experienced a whirlwind of activity. These events range from the SEC’s approval of spot Bitcoin ETFs to the cryptocurrency’s price underperforming with a decrease over the past month and selloffs from the Grayscale BTC Trust. Amidst all these, on-chain data has revealed an interesting sentiment of strategic accumulation among whales of the largest cryptocurrency. 

According to information provided by crypto analytics firm IntoTheBlock, Bitcoin whales have added over 76,000 BTC worth approximately $3 billion to their holdings since the beginning of the year. 

Bitcoin whales have increased their $BTC holdings by ~$3B (76,000 BTC) sine the start of this year. pic.twitter.com/0hi3Q7WXEo

— IntoTheBlock (@intotheblock) January 27, 2024

Bitcoin Whales Increase Holdings By $3 Billion Despite Market Downturn

The price of Bitcoin climbed shortly after the approval of spot ETFs in the US to reach a 20-month high of $48,600. However, in a surprising turn of events, the crypto has suffered a price dip, reaching as low as $38,880 during the week. 

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Despite this series of events, on-chain data suggests that the selloff is coming mostly from small-term holders and a few large whales, as the majority of whales have been taking advantage of the price dip to scoop up more Bitcoin into their wallets.

The total balance among Bitcoin whales has jumped by 76,000 in January, with the count now nearing 7.8 million BTC. Consequently, addresses holding more than 1,000 BTC have now reached a new all-time high.

Despite the negative price movement, Bitcoin held in addresses with over 1,000 BTC has reached a new yearly high! pic.twitter.com/4qQhbXSD9S

— IntoTheBlock (@intotheblock) January 26, 2024

Price Surge Incoming?

BTC’s future price outlook looks unclear at the moment, as the crypto is currently trading at a minor resistance around the $42,000 level. According to analyst Michaël van de Poppe, Bitcoin could continue consolidating between $37,000 and $48,000 for the coming months, giving altcoins a time to shine.

BTC is currently trading at $42,522. Chart: TradingView.com

However, fundamentals surrounding Bitcoin point to a price growth in the longer term. Renowned economist Peter Schiff recently commented that Bitcoin has the possibility of surging to $10 million within the next decade if it becomes a hedge against the devaluation of the US dollar.

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The community and investors also like to keep an eye out for crypto whales because they can significantly influence price movements. When whales stock up on BTC, it often signals they believe the price is undervalued and ready to rise substantially in the near future.

If the whale accumulation continues, it could lead to a change to positive sentiment among the wider Bitcoin investing market. The next Bitcoin halving is also on its way, and many analysts predict a price growth around the event.  

Featured image from Pexels

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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