Number of Bitcoin Whales Soars to 2021 Levels

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According to data from Glassnode and research by Bitwise’s Europe director and head of research, André Dragosch, the number of whales or network entities who hold at least 1,000 BTC has risen to 1,678 this week, marking the highest number since January 2021.

This increase in large holders, combined with strong demand for alternative investment vehicles like US-listed spot exchange-traded funds, reflects a growing confidence in the potential of Bitcoin’s price.

These whale entities, defined as clusters of crypto wallet addresses held by a single participant with at least 1,000 BTC, are closely monitored due to their ability to impact liquidity and prices.

On the other hand, it appears that retail investor accumulation has slowed down as the price of Bitcoin nears $70,000, according to data from analytics firm CryptoQuant.

Analysts note that retail holdings have only increased by 1,000 BTC in the past month, which is historically a slow pace.