Bitcoin Whale Wallets Reach Highest Level Since December Amid Price Struggles
Recent on-chain data indicates an increase in the number of Bitcoin whales despite ongoing bearish price trends.
Key Points
- Whale-sized Bitcoin wallets have reached their highest levels since December.
- The "Supply Distribution" metric tracks wallets holding between 1,000 to 10,000 BTC, representing investments from $84.2 million to $842 million.
- Currently, there are 1,993 whale-sized addresses, marking a 2.6% growth over the past five weeks.
- This growth coincides with Bitcoin's price stabilizing around $84,000, suggesting that large investors may view current levels as attractive buying opportunities.
- Earlier sell-offs by whales contributed to price declines during previous peaks in December and January.
The future impact of this increased whale activity on the Bitcoin market remains uncertain.
BTC Price
Bitcoin continues to trade sideways around the $84,000 level.
