The number of Bitcoin ($BTC) whale wallets has been rising to the point it’s the highest since November 2022, as large cryptocurrency investors are seemingly taking advantage of Bitcoin’s recent stability around the $41,000 to $44,000 mark.
According to on-chain analytics firm Santiment, Bitcoin’s range has seen the number of wallets holding between 1,000 and 10,000 BTC surge to 1,958, the highest level since November 2022, while the number of wallets holding between 100 and 1,000 BTC has dropped to its lowest level since November 2022.
These large whales are accumulating BTC at a time in which a key price indicator has started flashing a buy signal, suggesting the price of the flagship cryptocurrency could keep on rising in the near future after consolidating around the $43,000 mark as it recovers from a drop that came along with the launch of spot exchange-traded funds in the US.
The data comes at a time in which Bitcoin miners have been selling their BTC holdings, moving over 4,000 coins valued at around $173 million from their wallets to cryptocurrency exchanges in a single day, the highest figure seen since May 16, 2023.
Bitcoin miners are adding selling pressure to the cryptocurrency market at a time in which the price of the flagship cryptocurrency is heading for its fifth month of gains in a row, the longest run since the pandemic-driven rally boosted by stimulus checks.
If Bitcoin keeps rising, it will reach its highest streak of monthly gains since its pandemic-era rally between October 2020 and March 2021 before it reaches its peak of nearly $69,000 in November 2021.
Notably, earlier this month Skybridge Capital founder and managing partner Anthony Scaramucci revealed he believes that BTC’s upcoming halving event will be a major catalyst for its growth and pointed to a $170,000 price target per coin.
Featured image via Unspljash.