BTC holdings growth ‘going parabolic’ as Bitcoin whales refuse to sell despite $70K

Bitcoin whales, or individuals holding large amounts of BTC, are not rushing to sell their holdings despite the recent rally that pushed Bitcoin to new heights above $70,000, according to on-chain data. The number of unique addresses holding at least 1,000 Bitcoin, known as whales, has increased to 2,104 addresses as of March 7. However, this is still lower than the record of 2,489 addresses reached in February 2021 when Bitcoin was trading above $46,000. The growing number of wallets can also be attributed to the United States spot Bitcoin exchange-traded funds (ETFs), which have seen a cumulative trading volume of over $52.5 billion on March 4. The fact that whales are holding onto their Bitcoin suggests that they anticipate further price increases. The size of their trades can have a significant impact on the price of Bitcoin. Additionally, data from Glassnode shows that transfers from exchanges to whales have reached new record highs this month, further indicating that whales are not rushing to sell their holdings. This suggests that there is a large influx of new investors into Bitcoin and little sign of profit-taking by wealthy investors, despite the record high prices. The demand for BTC is also being driven by spot Bitcoin ETFs in the United States, such as the BlackRock iShares Bitcoin Trust (IBIT), which recorded its highest daily inflows of $788 million on March 5. Technical, on-chain, and fundamental indicators suggest that Bitcoin’s next target could be around $92,500, as it continues its bullish trend. However, it is important to note that this article does not provide investment advice and readers should conduct their own research before making any investment decisions.