New Bitcoin whales are emerging in the market, driving demand and reducing the available supply. This could potentially lead to price increases in the future.
Rising Influence of New Whales
High-net-worth wallets holding over 1,000 Bitcoin are rapidly accumulating, indicating strong confidence in the cryptocurrency. Since November 2024, these whales have added over 1 million BTC to their holdings, including 200,000 this month alone.
Confidence in Bitcoin's Future
The short holding period of less than six months suggests a strong conviction at current price levels. The sustained buying pressure from new whales is absorbing the sell-offs by older whales, supporting Bitcoin's price.
Changing Liquidity Profile
Total holdings by new whales have surged from 345k BTC to over 1.5 million BTC, representing approximately $125 billion. The sell-side liquidity from both old whales and weak hands has been absorbed by these new whales, stabilizing the market.
The inflow of new Bitcoin whales reinforces Bitcoin’s support and reduces downside risks. If accumulation continues, BTC might retest its all-time high.
