Reports Suggest the Biggest Hike in The Number of Bitcoin Whale Wallet Addresses Since April 2024

Bitcoin whales have been making a significant comeback since April 2024. While the market is still trying to stabilize after a period of uncertainty, a notable development has been recorded for Bitcoin Whales. According to the information available on Glassnode, the number of Bitcoin addresses holding between 1,000 and 10,000 BTC has climbed to 2,014. This is the highest level since April 2024.

According to Glassnode, this marks a 3.5% increase since March 5, when the number stood at 1,944. This upward movement reflects the strategic move made by the major holders during a time when the market remained unpredictable and volatile.

Whale Activity Ignites Bullish Sentiments

The surge in trading volumes and the rise in whale activity are good news for the market. The trading volumes have increased by 37% in just 24 hours. The buying behavior of the whales and large-scale buyers is instilling confidence in the possibility of long-term growth and bullish market conditions.

Considering the history, investors buy more Bitcoin during dips, which acts as an indicator for a potential market shift. Simply put, when whales buy, the market shows an upward trend. To add further weight to this perspective, whales are withdrawing BTC from leading crypto exchanges. A single transaction of 1,000 BTC worth $84 million was withdrawn from Binance, while $315 million worth of 3,704 BTC were taken out of Kraken.

The recent whale activity, particularly the substantial withdrawals from major exchanges like Binance and Kraken, suggests strategic accumulation during market dips. This is a move often interpreted as a sign to bullish momentum. By moving large amounts of Bitcoin off exchanges, these investors signal long-term holding intentions, which reduces the available supply for trading. If this continues, the market is hopeful for a bullish cycle. However, the experts are cautioning the investors against overconfidence. The impact of evolving regulations, macroeconomics, and retail investor sentiments will all play a critical role in shaping the BTC market. Nevertheless, the Bitcoin whale activity suggests that there is something major brewing beneath the surface. Whether this marks the start of a new rally remains to be seen, but the signals are becoming increasingly difficult to ignore.