Author: Martin Young, CoinTelegraph; Compiler: Wuzhu, Golden Finance
The number of addresses holding more than a thousand Bitcoins surged in April as whales continue to accumulate.
Since the beginning of March, more than 60 new wallets holding more than 1,000 Bitcoins have appeared, indicating that whale activity is increasing.
According to data from Glassnode, the number of these whale wallets has increased from 2,037 at the end of February to 2,107 on April 15, a four-month high.
This brings the indicator back to the levels seen during the two surges in whale addresses in November and December, when the cryptocurrency market surged after the election of U.S. President Donald Trump.
The all-time high in the number of Bitcoin whale addresses occurred in February 2021, when it was close to 2,500.
Number of addresses with a Bitcoin balance of more than 1,000 BTC. Source: Glassnode
According to Glassnode data, the number of addresses holding more than 100 BTC has also increased slightly this year, reaching 18,026 on April 20. However, the number of small holders holding less than 10 BTC has been decreasing over the past few months.
On April 18, it was reported that Bitcoin whales are absorbing Bitcoin at a record pace, exceeding 300% of annual issuance, while exchange balances are declining.
Glassnode said that "whales" holding more than 10,000 Bitcoins remain in a strong absorption zone as bargain hunting continues.
“Whales are accumulating a lot of Bitcoin, and they know what’s going to happen next,” Bitcoin trader “Mister Crypto” said on April 20.
Bitcoin whale position changes. Source: Mister Crypto
Meanwhile, Bitcoin prices appear to be breaking out of a sideways channel that began in early March.
The asset gained more than $3,000 that day and on April 21 reclaimed $87,400 for the first time since March 28.
Analysts say Bitcoin’s breakout from a multi-month falling wedge chart pattern foreshadows a potential bullish reversal that could see its price return to six figures by May.
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