Number of Bitcoin Whales Jumps to Highest Since January 2021

Whale Entities are clusters of crypto wallet addresses held by a single network participant holding least 1,000 BTC.

The number of large bitcoin (BTC) holders is growing again, boosting the case for a price rally to new record highs.

The number of so-called whales or network entities owning at least 1,000 BTC jumped to 1,678 early this week, reaching the highest since January 2021, data tracked by Glassnode and Andre Dragosch, director and head of research for Europe at Bitwise, showed.

Whales are defined as clusters of crypto wallet addresses held by a single network participant. Activity of whale entities is closely watched, given their capacity to influence liquidity and prices.

The growing accumulation by large holders bodes well for bitcoin's price prospects, especially as retail investor accumulation has slowed.

Cryptocurrency analytics firm CryptoQuant noted that retail holdings have risen by just 1,000 BTC in the last 30 days, which is a historically slow pace.

"Since the start of 2024, the holdings of other larger investors (those holding between 1 and 10K Bitcoin) have grown faster than the holdings of retail investors on a yearly basis," CryptoQuant analysts told CoinDesk. "As of today, retail holdings have grown by 30K Bitcoin, compared to 173K Bitcoin of other larger investors."

Bitcoin traded just above $67,000 at press time, a little over 10% away from setting a new lifetime high above $73,800. Prices briefly topped $69,000 on Monday before losing momentum, an event that some analysts attributed to a continued rise in the dollar index and Treasury yields.

However, some analysts are confident that rising yields will not weigh over risk assets for long and that the path of least resistance for BTC is on the higher side. Options trading on dominant exchange Deribit points to $80,000 and $100,000 as levels to watch out for the rest of the year.

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