- Bitcoin whale wallets holding over 1,000 BTC reached a four-month high of 2,107 on April 15, 2024, with more than 60 new wallets appearing since early March.
- Large holders continue to accumulate Bitcoin at rates exceeding 300% of yearly issuance while exchange balances decline.
- Bitcoin prices have broken out of a sideways trading pattern, climbing above $87,400 on April 21 for the first time since late March.
The number of Bitcoin wallets holding over 1,000 BTC has increased significantly in April 2024, indicating a surge in whale accumulation activity. According to data from Glassnode, more than 60 new wallets containing over 1,000 Bitcoin have emerged since early March, pushing the total to a four-month high of 2,107 on April 15.
This uptick returns the metric to levels last observed during two spikes in November and December 2023, which coincided with market rallies following the election of US President Donald Trump. The all-time high for Bitcoin whale addresses was recorded in February 2021, when the number approached 2,500, as shown by Glassnode data.
Addresses holding more than 100 BTC have also seen modest growth this year, reaching 18,026 on April 20. However, smaller holders possessing fewer than 10 coins have been declining over recent months, suggesting a concentration of Bitcoin among larger investors.
Whale Accumulation Patterns
On April 18, Cointelegraph reported that Bitcoin whales were absorbing the digital asset at unprecedented rates, exceeding 300% of yearly issuance while exchange balances continued to fall. This suggests large holders are moving coins to offline storage for long-term holding.
Entities controlling over 10,000 BTC remain in “strong accumulation territory” according to Glassnode metrics. “Whales are accumulating massive amounts of Bitcoin, they know what comes next,” noted Bitcoin trader ‘Mister Crypto’ in an April 20 post.
Price Action Breaking Out
Meanwhile, Bitcoin’s price appears to be breaking free from a sideways trading channel that began in early March. The cryptocurrency gained more than $3,000 in a single day to reclaim $87,400 on April 21, reaching a price level not seen since March 28.
Technical analysts suggest Bitcoin’s breakout from a multi-month falling wedge chart pattern signals a potential bullish reversal. This formation could potentially drive prices back toward the six-figure mark by May, according to market observers.
The accumulation by whales alongside this technical breakout may indicate increased confidence in Bitcoin’s near-term price prospects among large investors who have been actively buying during recent price dips.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Strategy Co-Founder Hints at New Bitcoin Purchase as Holdings Grow
- Crypto Gaming’s “Tap to Earn” Trend Explodes Amid Solana Game Pass Launch
- Bitcoin Mining Revenue Hits Five-Year Low Despite $84K BTC Price
- Buterin Proposes RISC-V to Replace EVM for Faster Ethereum Network
- NFT Project Aims to Buy Cold War Nuclear Bunker in UK, Form DAO Collective
