Bitcoin whales have been aggressively accumulating the flagship cryptocurrency, to the point that new whale wallets now hold 9.3% of the cryptocurrency total supply valued ar around $132 billion.
That’s according to data from on-chain analytics firm CryptoQuant, firstshared by its CEO Ki Young Ju, who noted that these new whale wallets now hold 1.97 million BTC after their BTC balanced surged a whopping 813% year-to-date.
Each of these wallets, Ki Young Ju detailed, has over 1,000 BTC and an average coin age below 155 days. These wallets include custodial wallets and those of spot Bitcoin exchange-traded funds (ETFs) that were launched in January, but exclude exchanges and miners.
CryptoQuant’s CEO added that the numbers “seemed unrealistically high” and that the figures are “like institutional investors acquiring an additional 8.2% stake in a company named Bitcoin within a year.”
S CryptoGlobe reported, a cryptocurrency analyst has recently predicted that Bitcoin’s price could surge to a staggering $233,000 by the first quarter of 2025, based on a key technical indicator that BTC’s current consolidation phase could lead to a massive price increase.
The analyst suggested that there’s a historical correlation between Bitcoin’s Relative Strength Index (RSI) peaks and the cryptocurrency’s price rises. Comparing current RSI levels to those of previous bull markets, he concluded BTC could top $233,000 in Q1 2025.
Bitcoin is at the time of writing trading at $67,000 after moving up significantly over the past week. Data from on-chain analytics firm CryptoQuant, as reported, shows that Bitcoin reserves on exchanges recently hit an all-time low of 2.6 million BTC, down from over 3.3 million seen nearly three years ago.
Meanwhile, the Bitcoin network has remained active, with high levels of transaction volume and address usage as long-term holders keep on accumulating, while short-term holders “show sign of selling.”
Lower Bitcoin reserves on exchanges suggest that available supply on the market is dropping, which means that the price of the cryptocurrency could rise if demand remains steady, or if it increases.
Featured image via Unsplash.
