Bitcoin Whales Holding Strong as BTC Reaches $70K – Growth Going Parabolic

The current rally that has pushed Bitcoin to new heights above $70,000 does not seem to be causing any rush among BTC whales to sell, according to the latest on-chain data. This suggests that these important crypto players are holding onto their investments instead of cashing in on the recent surge.

The Bitcoin whale population continues to grow despite reaching a record high price

As of March 7, there are now 2,104 unique addresses holding at least 1,000 Bitcoin, also known as whales. This number has increased from the previous record of 2,489 addresses in February 2021, when Bitcoin was trading above $46,000.

The surge in wallet count can also be attributed to the rise of United States spot Bitcoin exchange-traded funds (ETFs), which have already accumulated a total trading volume of over $52.5 billion as of March 4.

The fact that these whales are not selling their Bitcoin at current levels suggests that they have high expectations for further price increases. This is significant because the size of their trades can greatly impact the overall price of Bitcoin.

In a March 7 X post, Julio Moreno, the head of research at on-chain intelligence firm CryptoQuant, also noted the growth in the number of whales. Moreno wrote:

BTC Whales Decrease Activity on Exchanges at Record Rate

Additional proof of Bitcoin whales’ reluctance to sell their holdings can be seen through various metrics tracking volume between whales and exchanges.

According to Glassnode, transfers from exchanges to whales have recently reached “parabolic” levels, setting new all-time highs.

Meanwhile, the volume of transfers from whales to exchanges has only experienced a modest increase compared to previous bull and bear markets.

Overall, these metrics suggest a surge of new investors entering the Bitcoin market and little indication of wealthy investors taking profits despite the currency’s record high prices.

Bitcoin ETFs continue to drive demand for BTC

The ongoing surge in spot Bitcoin ETFs in the US is fueling the demand for BTC. The BlackRock iShares Bitcoin Trust (IBIT) saw its highest daily inflows of $788 million on March 5.

According to experts, Bitcoin could potentially reach $92,500 based on a combination of technical, on-chain, and fundamental indicators. Recently, Bitcoin’s charts formed a bullish pennant, which is a positive continuation pattern.