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Bitcoin Whale Wallets With Over 1,000 BTC Are Almost At A New All Time High

Key Points:

Bitcoin whale wallets with over 1,000 Bitcoins almost hit a new high of over 2,070 in 2024.
Companies like MicroStrategy and Semler Scientific are significantly investing in Bitcoin.
Bitcoin surged to $73,800 but recently settled at $66,750 amid market fluctuations.

According to Bitcoin Magazine, the number of Bitcoin whale wallets holding over 1,000 Bitcoins is nearing a new all-time high, signalling robust institutional interest in the cryptocurrency.

Bitcoin Whale Wallets Push Bitcoin Holdings to Record High

On-chain data confirms that in 2024, the number of Bitcoin whale wallets—collections of blockchain addresses managed by a single entity—holding at least 1,000 BTC has risen by over 40, or 1.9%, almost reaching a record high of more than 2,070.

This surge supports the narrative that institutional investors are driving the 2024 Bitcoin price rally. Notable publicly traded companies, such as MicroStrategy, have diversified its cash reserves into Bitcoin, enhancing its appeal as a reserve asset. Even the healthcare sector is joining the trend, with Semler Scientific making a significant $17 million Bitcoin purchase and planning to raise an additional $150 million to acquire more.

Bitcoin Price Surges to New Heights Amid Market Volatility

The impact of Bitcoin ETFs on the available supply and price is a growing topic of interest among market analysts. The buying pressure from ETFs is already significantly outpacing the daily Bitcoin supply generated by miners. Following the mid-April block subsidy halving, the Bitcoin supply expanded by only 3,125 BTC per newly mined block, amplifying this effect.

In the first quarter of 2024, Bitcoin nearly doubled in value, surging from $42,000 to a new peak of $73,800. Currently, Bitcoin is priced at $66,750, marking a 1.76% decrease in the past 24 hours. The coming months will reveal whether large investors continue to accumulate Bitcoin amid potential market sell-offs.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.