Key Points:
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.
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. |
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