Santiment, a cryptographic analysis company, reveals that deep-pocket investors are taking BTC quickly as the number of Bitcoin whales reaches an all-time high.
The firm he says that the number of whales with a minimum of 1,000 BTC broke records earlier this week.
“The number of Bitcoin whale addresses with at least 1,000 BTC has reached an all-time high of 2,323 with the market closing on Tuesday (January 5, 2021).”
According to the chain reporting platform, the growing number of Bitcoin whales is a positive signal for the bullish BTC market.
“There may not be a more notable bullish metric than one that targets growing holders with $ 33.7 million online.”
Data from the U.S.-based cryptocurrency exchange Kraken corroborate Santiment’s findings. Kraken says the growing number of Bitcoin whales, as well as the movement of the flagship cryptocurrency asset to other storage options, indicate that the flagship cryptocurrency has even more upside potential.
“The accumulation and outflow of additional whales from exchanges amid BTC’s parabolic rise indicates that well-capitalized market participants believe BTC has a positive short-term increase despite the move to unknown waters.”
Kraken reveals that the number of BTCs in whale addresses reached an all-time high of 11.46 million in 2020. The cryptocurrency exchange adds that the number of addresses containing more than 100 Bitcoin exceeded 16,300, the level highest since March 2020.
Kraken also reveals that whales that own more than 100 Bitcoin accumulated 47,500 BTC in December while the star cryptocurrency sparked a massive concentration.
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Featured image: Shutterstock / Tory Kallman