In April, Bitcoin whale activity increased, with 60 new wallets holding over 1,000 BTC established since March. The number of these wallets rose to a four-month high of 2,107 by April 15. Whale accumulation continues to strengthen, as the overall data suggests a bullish trend following significant price increases in April.
In April, the number of Bitcoin addresses holding over 1,000 BTC surged significantly, indicating increased activity among whale investors. Data shows that since early March, more than 60 new wallets with this level of holdings have been established. As of April 15, whale wallets increased from 2,037 in late February to 2,107, marking a four-month high and reminiscent of previous spikes in late 2020 post-US election.
Historically, the all-time high for Bitcoin whale addresses occurred in February 2021, reaching close to 2,500. Additionally, there has been a slight increase in addresses with over 100 BTC, which numbered 18,026 on April 20; conversely, those holding fewer than 10 coins have decreased over recent months.
Reporting on April 18 highlighted that Bitcoin whales are currently purchasing the cryptocurrency at unprecedented levels, absorbing over 300% of the yearly issuance while exchange balances dwindle. Notably, whales with more than 10,000 coins continue to accumulate as they capitalise on price dips. Bitcoin trader ‘Mister Crypto’ commented on April 20, indicating that these large holders anticipate significant price movements.
As of April 21, Bitcoin prices surged by more than $3,000, reaching $87,400 for the first time since late March. Analysts suggest that this breakout from a prolonged sideways trend and a multimonth falling wedge pattern could suggest a bullish shift, potentially driving Bitcoin prices back toward six figures by May.
