Surge in Bitcoin Whale Addresses Signals Increased Accumulation Activity

Bitcoin whale addresses holding over 1,000 BTC have surged to a four-month high with over 60 new wallets created since March. Accumulation continues as whales absorb Bitcoin at notable rates, while exchange balances decline. Bitcoin’s price recently broke out of a sideways trend, suggesting potential for a significant price increase in the near future.

In April, there has been a notable increase in Bitcoin addresses holding over 1,000 BTC, with more than 60 new wallets recorded since early March, indicating heightened activity among whale investors. As of April 15, the count of such whale wallets rose from 2,037 in late February to 2,107, marking a four-month peak and reminiscent of previous surges in November and December following political events in the US.

The all-time peak for Bitcoin whale addresses occurred in February 2021, approaching 2,500 wallets. Additionally, the number of addresses with over 100 BTC increased modestly this year to 18,026 by April 20. However, there has been a noticeable decline in smaller holders, those possessing less than 10 BTC, during the same period.

Whale accumulation continues fervently, as reported on April 18, with Bitcoin whales reportedly absorbing the cryptocurrency at an impressive rate equating to over 300% of annual issuance while overall exchange balances decrease. Notably, whales owning over 10,000 BTC are in a strong accumulation phase, with analysts suggesting they are poised for further market movements.

On April 21, Bitcoin’s price approached $87,400, marking a more than $3,000 increase in a single day and breaking out from a stagnating trend that persisted since early March. This breakout from a multimonth falling wedge pattern could signify a bullish reversal, potentially driving the asset’s price toward the six-figure mark by May, as per analytical projections.