Recent events show that Bitcoin whales are not intimidated by the flagship cryptocurrency's recent price movement. Instead, they decided to view this as an opportunity to accumulate more BTC. The move could prove to be truly lucrative, if a recent analysis by cryptocurrency analyst Ali Martinez is to be believed.
Increasing number of Bitcoin whales
Ali Martinez stated in a post on X (formerly Twitter) that 46 new entities now hold 1,000 BTC or more, representing a 3% increase in just two weeks. BitInfoCharts data also shows that there are currently 1,898 wallet addresses holding this amount of Bitcoin or more. This is important because it suggests that more people have become bullish on the cryptocurrency token despite the recent market correction.
These whales no doubt have ample reasons to be bullish on BTC, as Martinez's recent Bitcoin analysis suggests that this could change soon enough. The analyst highlighted in Post X how historically Bitcoin price corrections have been “consistently followed by further gains” in bull markets.
As such, he noted that such declines could open up “strategic buying opportunities for those looking to benefit from Bitcoin's potential growth.”
Meanwhile, issuers of spot Bitcoin ETFs contributed to the increase in this figure, given that they had to accumulate BTC for their respective funds. Data from analytics firm Arkham Intelligence shows that global asset manager BlackRock currently holds more than 44,000 BTC for its Bitcoin ETF.
BTC Price Above $40,000 |Source: BTCUSD on Tradingview.com.
BTC Still Has More Bullish Momentum
While many in the cryptocurrency community continue to wonder whether the bull market is back, there is reason to believe that BTC's bullish momentum won't fade anytime soon. In his latest “X” post, Ali outlined how the next market peak could come around 2025 if Bitcoin is to mirror the past bull run. According to this forecast, Bitcoin has another 600 days of bullish momentum ahead.
Meanwhile, Bitcoin bulls will have to overcome selling pressure from Bitcoin whales such as Grayscale. The asset manager had to sell a significant portion of its BTC holdings due to the number of outflows it was seeing from its spot Bitcoin ETF. GBTC investors such as FTX are reported to be taking profits given that the fund has been trading at a significant discount to Bitcoin's price so far.
According to CoinMarketCap, Bitcoin is trading at around $39,000 at the time of writing, up from the last 24 hours.