On chain data: The number of Bitcoin whales has risen to the highest level since January 2021

According to data tracked by Glassnode, a blockchain data analysis firm, and Andr é Dragosch, head of European research at Bitwise, a cryptocurrency asset management company, the number of Bitcoin whales (wallet addresses holding at least 1000 BTC) jumped to 1678 at the beginning of this week, reaching the highest level since January 2021.

Due to the ability of giant whale entities to influence market liquidity and prices, their activities have attracted much attention. The sustained accumulation of BTC by large holders, coupled with strong demand for alternative tools, particularly the US Bitcoin spot ETF, indicates an increase in market confidence in the outlook for Bitcoin prices.

Slow increase in holdings by individual investors

Furthermore, according to analysis firm CryptoQuant, while Bitcoin prices have rebounded to near $70000, the accumulation rate of retail investors has slowed down. CryptoQuant analysts told CoinDesk, "In the past 30 days, individual investors' holdings have only increased by 1000, which is historically a slower rate of increase

The analyst added, "Starting from 2024, the annual growth rate of holdings by other larger investors (those holding 1000 to 10000 BTC) has been faster than that of individual investors. As of today, the holdings of individual investors have increased by 30000 BTC, while those of other larger investors have increased by 173000 BTC

Bitcoin lost its momentum after briefly breaking through $69000 this week, and fell by more than 5% in the last four days. This may be due to the continuous rise of the US dollar index and the yield of US treasury bond bonds. Before the deadline, the trading price of Bitcoin was $67236.

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