In April, the cryptocurrency market witnessed a significant uptick in the number of addresses holding more than a thousand Bitcoin, indicating a surge in whale activity. According to data from Glassnode, over 60 new wallets containing over 1,000 BTC each have emerged since early March. This surge has propelled the total number of whale wallets to a four-month high of 2,107 as of April 15, up from 2,037 in late February.

The recent spike in whale accumulation brings the metric back to levels last seen during the bull runs of November and December 2020, following the US presidential election. While the all-time high for Bitcoin whale addresses was nearly 2,500 in February 2021, the current trend suggests a renewed interest from large holders in accumulating significant amounts of the flagship cryptocurrency.

In addition to wallets holding over 1,000 BTC, the number of addresses with balances exceeding 100 BTC has also seen a slight increase, reaching 18,026 on April 20. However, smaller holders with less than 10 coins have been on a decline over the past few months, indicating a concentration of wealth among larger players in the market.

Bitcoin whales, particularly those holding over 10,000 coins, have continued their accumulation spree, with data showing that they are absorbing the asset at record rates compared to the yearly issuance. This trend of dip buying and accumulation by whales has led to speculation among analysts and traders about the next potential price movements for Bitcoin.

Recent price action in the cryptocurrency market has also been noteworthy, with Bitcoin breaking out of a sideways trading range that has been in place since early March. On April 21, the digital asset surged by over $3,000, reclaiming the $87,400 level for the first time since March 28. This bullish breakout, coupled with the formation of a multimonth falling wedge chart pattern, has fueled optimism among analysts who predict a potential bullish reversal that could drive Bitcoin's price back towards six figures by May.

As the market dynamics continue to evolve and whales show a strong appetite for accumulating Bitcoin, investors and traders are closely monitoring these developments for potential insights into the future direction of the cryptocurrency market.

Source: https://cointelegraph.com/news/bitcoin-whales-addresses-hit-four-month-high-april?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound