Bitcoin Whales continue massive BTC purchases

Whales continue to increase their BTC accumulation and extract large amounts of "coins" from the market. Market observers are assessing this whale activity in different ways.

The number of investors with Bitcoin assets over 1,000 BTC, also known as whales, is now at its highest level since January 2021. Bitcoin whales are high net worth investors who own at least 1,000 BTC. Their movements are closely watched as they are often considered influential players in the market. According to data from Glassnode there are currently more than 1,670 such investors.

André Dragosch, Head of Research Europe at Bitwise, suggests that the increase in whale activity may indicate an approaching all-time high for Bitcoin. Many crypto experts within the community share this prediction and believe the high is not far away.

Sales pressure by whales?

RobynHD also warns: the current whale accumulation could be the "calm before the storm." Indeed, whales often buy in quiet market periods and sell as soon as the price rises to take profits. This could be the Bitcoin price - which is currently around $70,060 - could put pressure on it.