Bitcoin Surges 108,947 as Whale Wallets Rise 622 in Four Weeks

Bitcoin (BTC) has recently surged to $108,947, according to the latest on-chain data from Santiment. This price increase has been fueled by a significant rise in the number of whale and shark wallets, which hold 10+ BTC. Over the past four weeks, there has been a net gain of 622 such wallets, reversing a three-month decline. This trend suggests that major holders are growing more confident in Bitcoin's prospects as the market anticipates another price challenge.

The resurgence of these high-net-worth wallets, often referred to as “whales” and “sharks” in the crypto community, typically signals bullish sentiment. A 2023 study from the Journal of Risk and Financial Management found that whale accumulation frequently precedes price breakouts. This pattern could indicate that Bitcoin is poised for another significant price increase. The accumulation of Bitcoin by these large investors defies the typical expectation of profit-taking at peak prices, suggesting a strategic hold by institutional and long-term investors.

This trend aligns with broader market developments, as major financial institutions have begun to embrace crypto exposure. This institutional pivot, coupled with the growth in whale and shark wallets, underscores a maturing market where large players are positioning for potential gains. Santiment’s data provides a real-time pulse on market dynamics, offering traders valuable insights into the movements of these significant holders.

As Bitcoin hovers near its record high, the question remains whether this whale-driven rally will push it past the previous all-time high of $112,000. For now, the data paints an optimistic picture, though volatility remains a factor. Crypto enthusiasts and investors should keep a close eye on these on-chain metrics, as they may herald the next chapter in Bitcoin’s bull run.

Whales and sharks have also been actively accumulating Ethereum, another major cryptocurrency. Over the past month, whales have added 1.49 million ETH, now holding 26.98% of the total supply. This accumulation campaign is the most aggressive since 2018, with wallets holding between 1,000 and 10,000 ETH adding 818,410 ETH. This trend suggests that institutional investors are also bullish on Ethereum, which could further drive its price upward.

The accumulation of Bitcoin and Ethereum by whales and sharks is a powerful signal for the broader cryptocurrency market. It indicates that large investors are confident in the long-term prospects of these digital assets and are positioning themselves to benefit from potential price increases. This bullish sentiment could lead to increased liquidity and potential volatility in the market, as whales and sharks continue to accumulate and potentially sell their holdings at higher prices.