The count of Bitcoin ($BTC) whale wallets has been increasing, reaching its peak since November 2022. This surge coincides with significant cryptocurrency investors capitalizing on the recent stability of Bitcoin, which has been hovering between the $41,000 to $44,000 range.
Santiment, an on-chain analytics firm, reports that within this range, the number of wallets holding 1,000 to 10,000 BTC has surged to 1,958, marking the highest level observed since November 2022. Concurrently, the number of wallets containing 100 to 1,000 BTC has decreased to its lowest point since the same period.
During a period in which a crucial price indicator signals a buy, prominent Bitcoin whales are accumulating the cryptocurrency. This trend suggests that Bitcoin’s value may continue to rise in the near future, following a consolidation phase around the $43,000 mark. This recovery comes after a dip linked to the launch of spot exchange-traded funds in the United States.
This data coincides with Bitcoin miners actively selling their holdings. In a single day, over 4,000 coins, valued at approximately $173 million, were transferred from miners’ wallets to cryptocurrency exchanges. This marked the highest daily figure since May 16, 2023.
Bitcoin miners are exerting selling pressure on the market as the flagship cryptocurrency heads for its fifth consecutive month of gains. This extended positive trend is the longest since the rally driven by pandemic-induced stimulus checks.
Should Bitcoin’s upward trajectory persist, it is poised to achieve its lengthiest stretch of monthly gains since the rally between October 2020 and March 2021, culminating in its peak of nearly $69,000 in November 2021.
Notably, Anthony Scaramucci, the founder and managing partner of Skybridge Capital, recently expressed optimism about Bitcoin’s future. He believes that the upcoming halving event will serve as a significant catalyst for growth, pointing to a $170,000 price target per coin.