Bitcoin’s recent price trends and its ability to navigate previous hurdles have sparked a wave of optimism among investors, resulting in a notable increase in the number of large holders, often referred to as “whales.” This growing confidence in Bitcoin’s future is reflected in the significant uptick in whale wallets, as highlighted by Ki Young Ju, the CEO of CryptoQuant.
He pointed out that these large investors are rapidly accumulating Bitcoin, which is seen as a promising sign for the cryptocurrency’s trajectory. Many of these whales are taking advantage of Bitcoin’s current stable phase, positioning themselves for potential future gains.
The total balance in these whale wallets has surged to approximately 1.97 million BTC, representing an astonishing 813% growth this year alone. These wallets now account for about 9.3% of the entire Bitcoin supply, valued at around $132 billion, akin to institutional investors making substantial investments in a company.
Interestingly, most of these whale wallets are not linked to exchanges or miners and typically hold over 1,000 BTC each. The relatively young average age of the coins in these wallets, under 155 days, suggests that they are fresh acquisitions, likely managed through custodial services.
Initially skeptical about the data, Young Ju now sees this surge in whale activity as indicative of a maturing Bitcoin market, with institutional players diversifying their investments.
In addition to the rise in whale wallets, there has also been a significant increase in the number of active Bitcoin addresses, signaling heightened interest and engagement from investors.
Since September, Bitcoin’s network has seen a boost in active addresses, which is a positive turnaround following a dip in activity during July and August. This increase has surpassed both monthly and yearly averages, hinting at a potential bullish trend ahead, as greater user participation often precedes market shifts.
