NEW YORK - In the wake of recent market turmoil, significant Bitcoin holders, often referred to as "whales," have increased their holdings to a yearly high. Analytics from IntoTheBlock revealed that addresses with over 1,000 BTC reached a peak of 7.67 million BTC on Thursday, following the collapse of FTX-related Alameda Research and Genesis.
Continuing this trend, on Friday, IntoTheBlock's data indicated that both the balances of these whale accounts and Bitcoin held by long-term investors, known as holders, have soared to new highs. Such movements are typically interpreted by market analysts as indicators of strategic buying during bear markets or as early signs of a potential bull market.
Today, the cryptocurrency's price reflects the optimism seen in the market. Bitcoin approached the $38,000 mark but experienced a slight pullback, stabilizing at around $36,459. Despite this retraction, U.S. traders remain bullish. Their positions in futures markets and the optimistic December call options on Deribit suggest they anticipate Bitcoin's value could climb to between $40,000 and $45,000.
This accumulation by whales and positive sentiment from traders come at a critical time for the cryptocurrency market, which has been rocked by recent collapses and liquidity crises affecting major industry players. As the market navigates through these challenges, the actions of large-scale investors and the broader trading community will be closely watched for indications of Bitcoin's future trajectory.
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