Bitcoin (BTC) Whales Balance Hits New Milestone: Details By U.Today

U.Today – On-chain analytics startup reports major milestone reached by whales. The amount of Bitcoin held by addresses over 1,000 BTC reached its highest level in 2023.

According to IntoTheBlock, the balance held by addresses holding more than 1,000 BTC reached a new yearly high this week.

Following the collapse of FTX-related Alameda Research and Genesis, the amount of Bitcoin held by addresses over 1,000 BTC fell precipitously.

Entities of this size have been growing steadily since 2023, with their holdings this week reaching 7.67 million BTC, worth $275 billion.

According to IntoTheBlock, the size of these holdings indicates that large Bitcoin institutions are experiencing increased demand and are in a position of strength.

Additionally, the amount of investments held by long-term investors reached new all-time highs this week.

Addresses that have held Bitcoin for more than a year have always been a predictor of how far the Bitcoin cycle has progressed. Indeed, hodlers tend to increase their Bitcoin holdings during bear markets and early bull markets and reduce them near previous all-time highs.

According to IntoTheBlock, the growing hodler balance may indicate that investors, in general, are expecting Bitcoin to rise.

Bitcoin approached $38,000 on Thursday before falling back and trading slightly higher over the past 24 hours at $36,459. In a blog post, IntoTheBlock highlighted that futures market data could suggest that US entities have been among the main drivers of Bitcoin’s rise.

suggests that there is a preponderance of bullish options bets on Bitcoin, reaching $40,000 and even $45,000 in late December.

Since traders selling the call options are willing to accept the opposite side of the bet, $40,000 could become a critical test for Bitcoin’s progress.

This article was originally published on U.Today