The number of wallets classified as 'whales' among Bitcoin (BTC) investors has recently increased sharply, drawing market attention. According to on-chain data, wallets holding over 10 BTC have been tallied at 152,280, marking the highest level since March. This is interpreted as a signal that while individual investors are feeling anxious and observing, institutions and large investors with substantial financial resources are actively purchasing Bitcoin.
This surge in whale wallets is noteworthy as it coincides with institutional fund inflows into US spot Bitcoin ETFs. ETF products, including BlackRock's IBIT, have seen over $1.5 billion in funds flowing in within just three days, with BlackRock alone purchasing 9,400 BTC. This demonstrates that institutional investors anticipating medium to long-term growth are quickly securing substantial quantities.
According to market research firm Santiment, these large-scale purchases are also linked to the 'smart money' strategy. While general investors are shaken by short-term downward pressure, whales are using this as an opportunity to accumulate volume. In fact, on Binance, 4,500 BTC was withdrawn in just one day at the beginning of this month, and stablecoins worth $800 million were deposited in the same week, capturing significant whale movements.
On-chain analyst Axel Adler Jr. analyzed that despite realizing $66 billion in profits, Bitcoin's price is holding steady. This means that despite substantial selling volumes, new buying pressure has offset it, suggesting a strong demand base in the market.
However, the price has yet to break out of the box range. Currently, Bitcoin is trading around $107,353, down 2.6% on a weekly basis. Over the past two weeks, it rose 3.1%, showing a similar trend to the overall market (7-day 3% increase), but has not broken through the key resistance zone of $108,000-$110,000. Technical analyst Daan Crypto Trades forecasts that the current price is within a wedge pattern and could reach a new all-time high if it breaks through the resistance line.
In terms of market share, Bitcoin's dominance is also strengthening. Currently, Bitcoin dominance is at 62.8%, having peaked at 65.7% last week. This indicates that funds are concentrating more on Bitcoin than altcoins.
Various data shows that the market is built on a much more robust structure than it appears. Unlike the anxiety of general investors, whale investors are capturing opportunities, and the emerging trend of institutional fund inflows can be interpreted as a positive signal that could support future price rallies.
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