Signals from Bitcoin whales and miners hint at a potential rally on the horizon. New data from CryptoQuant reveals that large Bitcoin holders now hold a balance of 3.57 million BTC. 

This approaches the previous high of 3.74 million BTC set in early 2021.

Bitcoin Whales are Increasing their Holdings

When whales steadily add to their reserves, they act as powerful demand sinks. Their increasing accumulation reduces the available supply and provides price support. 

The current uptrend in whale holdings suggests that institutions and high-net-worth investors view dips as buying opportunities and anticipate higher prices ahead.

“This metric reflects the true balances of large holders by excluding exchange and mining pool addresses. This offers a clearer view of strategic accumulation by large investors. Remained growth in whale holdings often signals institutional confidence and strong underlying demand, which are key drivers of longer-term bull cycles,” CryptoQuant analyst JA Maartunn told BeInCyprto.