Bitcoin Whale Wallets Hit 15-Month Peak

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Despite the lackluster price performance, on-chain metrics reveal a noteworthy trend of increased accumulation by significant holders, propelling the total number of wallets to its highest point in 15 months. Concurrently, the static pattern suggests smaller whales are augmenting their holdings, positioning themselves within the next echelon of investors.

Accumulation by Major Players

Bitcoin stakeholders appear to be orchestrating strategic moves to drive the cryptocurrency’s upward trajectory, evidenced by the surge in the number of whale wallets. According to insights from on-chain analytics platform Santiment, the count of Bitcoin addresses holding between 1,000 and 10,000 BTC witnessed a notable uptick, with an additional 47 wallets signifying a 2.5% surge within a six-day span. Consequently, as of February 1st, the tally in this category reached 1,958, marking its zenith since November 2022.

Conversely, Santiment’s data exposes a diminishing trend in wallet addresses within the tier below—those containing 100 to 1,000 BTC. During the same timeframe, the count in this range plummeted by 154 addresses, reflecting a 1.1% contraction. Consequently, as of February 1st, the total in this bracket dwindled to 13,735, marking its lowest point since November 2022.

Implications for Bitcoin’s Outlook

The substantial accumulation by a multitude of major holders signals sustained confidence in the cryptocurrency, even amid its ongoing consolidation. However, it’s crucial to recognize that whale accumulation represents just one facet of the myriad market factors influencing Bitcoin’s price. While the immediate price trajectory may appear ambiguous, the macro perspective suggests positive momentum on the fundamental front. Notably, recent capital inflows totaling $1.7 billion into Bitcoin spot ETFs over the past 14 days underscore growing interest in the digital asset.

Crypto analyst Michaël van de Poppe offers a nuanced perspective, foreseeing potential continued consolidation in the months ahead until the next halving. He identifies a resistance zone between $48,000 and $50,000, with a potential correction towards $36,000 to $38,000.

On a contrasting note, Justin Bennett, a prominent crypto analyst, presents a bearish outlook for Bitcoin in the near term. Citing Tether’s dominance chart, he anticipates a potential decline in BTC to approximately $30,000—a prediction aligning with analyst PlanB’s absolute Bitcoin price floor at $31,000. As diverse analyses circulate, the cryptocurrency market remains dynamic and subject to multiple interpretations.

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