Volatility is the most recent signal of this being the beginning of a bull market in Bitcoin as 1,000+ BTC wallets spike to new records.
The largest Bitcoin (BTC) investors clearly anticipate huge price increases in the future as the amount of wallets with over 1,000 BTC ($35 million) has reached an all-time record.
Data from analytics provided by Glassnode reasserts that as of the 20th of January, there were over 2,400 large wallets.
Whales see record highs
In just 2021, there are 164 new BTC holders with more than 1,000 coins. All together, these wallets control around $6 billion in Bitcoin. Now of course, these wallets may not all include whale investors upping their stakes, but the data does give weight to the current narrative of wealth transfer that has founded Bitcoin’s latest boom.
As Cointelegraph has said, these 1,000 plus wallets are the only category to increase lately, with smaller wallets actually going down.
While some asked “hodlers” to avoid selling out to whales, others said these large players will push the value of Bitcoin higher.
“Large capital flow into whale wallets were occurring at the price of $29,314. They will be guarding their investment… This should be a sturdy support point in the future, and maybe in the long run,” monitoring resource whalemap tweeted.
Bitcoin is at a pivotal point in terms of market price, trading in a gap between $30,000 and $40,000 for this week. During this same time, the giant investor Grayscale revealed its biggest-ever one-day Bitcoin buy, which was over 16,000 Bitcoins, worth a value of $700 million in dollars.
Bull market just getting going
Looking forward, signs show real extreme bullish possibilities for BTC/USD. After some have argued that the price is in the early timeline of a bubble, the volatility data now seems to show that the market is merely just going on its increases. An important point, which investor Dan Tapeiro says looks like early 2017 — in other words, the beginning of nearly a year of increases.
“Great chart. Biggest section of the #bitcoin uptrend has not begun yet. Chart points to us being in Q117 timeline,” he said sharing a comparison graphic of S&P 500 260-day volatility versus Bitcoin’s 90-day volatility.
“Volatility measurement upticks at tail end of moves… now still close to the lows. Hard to imagine #btc might 5-8x this year. Better just #HODL.”
Comments are closed.