Recent on-chain data reveals an increase in Bitcoin whale numbers, matching levels seen during the January 2021 bull market. These whales, holding at least 1,000 BTC each, signify ongoing positive sentiment among both traders and long-term holders.
According to data from Glassnode and André Dragosch of Bitwise, there are now 1,678 addresses holding at least 1,000 BTC, marking a significant rise since earlier in the year. These holdings are valued over $67 million per address at today's prices, reflecting solid accumulation trends.
Historically, whale activity has been a precursor to price rallies, as seen before Bitcoin's surge in 2021. Despite a false breakout recently, current sentiment remains bullish, buoyed by both institutional and retail demand.
CryptoQuant reports a 13% rise in retail investor interest over the last 30 days, similar to levels before the March 2024 all-time high. Currently, Bitcoin trades around $67,000, just 10% below its March peak, fueling optimism for a new record high before the end of 2024.
