Crypto analytics firm Santiment is revealing that deep-pocketed investors are swiftly scooping up BTC as the number of Bitcoin whales hits an all-time high.
The firm says that the number of whales holding a minimum of 1,000 BTC broke records earlier this week.
“Bitcoin’s number of whale addresses with at least 1,000 BTC has reached an all-time high of 2,323 with Tuesday’s market close (January 5th, 2021).”
According to the on-chain insights platform, the growing number of Bitcoin whales is a positive signal for BTC’s bull market.
“There may not be a more notable bullish metric than one pointing to growing holders with $33.7M+ on the line.”
Data from US-based crypto exchange Kraken corroborates Santiment’s conclusions. Kraken says the growing number of Bitcoin whales, as well as the movement of the flagship crypto asset from exchanges to other storage options, indicate that the flagship cryptocurrency still has more upside potential.
“Additional whale accumulation and outflows off exchanges amid BTC’s parabolic climb indicates that well-capitalized market participants believe BTC has incremental upside in the near-term despite the move into uncharted waters.”
Kraken reveals the number of BTC in whale addresses hit an all-time high of 11.46 million in 2020. The cryptocurrency exchange adds that the number of addresses holding more than 100 Bitcoin surged above 16,300 – the highest level since March 2020.
Kraken also discloses that whales holding over 100 Bitcoin accumulated 47,500 BTC in December as the flagship cryptocurrency pulled off a massive rally.
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