- Whales have increased to a 3-year high, holding nearly 4 million BTC.
- Retail holding has seen a slow pace of growth, but will the trend trigger a new ATH?
Bitcoin [BTC] whales, entities with over 1K coins, have increased in 2024, hitting levels last seen in early 2021, just before the asset exploded to a last cycle high of $69K.
According to Glassnode data, the whale entities were over 1660 as of the 23rd of October.
Reacting to the hike in large BTC investors, Andre Dragosch, Bitwise’s head of research, wondered whether it could signal a likely new all-time high (ATH).
“Total number of #Bitcoin whales just reached the highest level since Jan 2021! New ATHs incoming?”
Source: Glassnode
For context, in 2020, whales increased from 1650 to over 1760. Afterward, BTC pumped to a new ATH the following year. Whether the same trend will play out in 2024 remains to be seen.
