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- Number of Bitcoin whales are snowballing since the last month
- BTC whales are expecting the token to surge in the longer time frame
- Such whales are also supporting the token to maintain its value in a specific price range
In recent months, Bitcoin impressed everyone by achieving new ATH. Although the token is down, the impressed whales of the leading token are not willing to sell their holdings. In recent days, it is observed that the number of BTC wallets holding a minimum of 1000 BTC is growing at a good pace. According to a tweet from Arcane Research, who shared data from Glasnode, it is observed that the number of BTC wallets with a minimum of 1000 BTC has boomed lately.
The number of Bitcoin whales is soaring
Following the chart, it is observed that over the last year till the end, the number of Bitcoin wallets holding a minimum of 1000 BTC has surged approximately by 6.7%. Indeed it’s a good surge, but from this New Year until Monday, the growth rate is approximately 7.2%. Currently, the number of wallets is about 2,450. However, as the number of whales is still rising, it means that they have forecasted the price. Such whales expect a strong medium to long-term price trend, so they chose to hold their BTC funds. Moreover, the recent increment in the price of the token designed by Satoshi Nakamoto is attributed to such whales withdrawing their holdings from exchanges.
Long term investors supporting the prices significantly
Observing the current scenario, it is found that BTC whales’ recent behavior is representing a vast change. As such, whales are choosing to hold the token, and the way is a crucial point for the price of BTC. Such whales are holding the token to support the price of Bitcoin between the price levels of $34,000 to $37,000. The whales are only the key reason behind the recent market surge, and they are also now the reason to support the price at a specific range. Notably, such essential amounts of long-term investors are not concerned about the token’s high volatility. According to an on-chain analyst student’s tweet, the BTC reserve risk is too low now, so high confidence for the longer time frame is typical.
After achieving a new ATH, the price of Bitcoin is struggling near a range of $36,000. At press time, the token was trading near the price level of $36,500, with a daily trading volume of $53.2 billion. Observing the token price chart, it is also revealed that, after having a steady decline in the price level this weekend, the leading token is again up by approximately 8%. On the other hand, the token has achieved an intraday high by soaring approximately 4%.
