60 New Giant Bitcoin Wallets Emerge as BTC Eyes $100k

April has seen a fresh surge in Bitcoin whale activity, with more than 60 new addresses now holding over 1,000 BTC each. According to blockchain analytics firm Glassnode, the number of wallets in this elite category has grown from 2,037 in late February to 2,107 by April 15 — a four-month high that mirrors accumulation trends last seen during late 2023’s rally. This sharp rise comes as Bitcoin’s price recently broke out of a multi-week consolidation range, soaring more than $3,000 in a single day to hit $87,400 on April 21 — a level not seen since late March. Technical analysts have pointed to the breakout from a falling wedge pattern as a strong bullish indicator, hinting at a possible march back toward the elusive $100k mark in the coming weeks. These accumulation patterns, especially among entities holding over 10,000 BTC, suggest whales are not just cautiously optimistic — they’re positioning aggressively for a major upside move. A Shrinking Pool of Sellers? Glassnode data also shows a broader trend of whale accumulation extending beyond just the largest players. Addresses with holdings over 100 BTC have inched up to 18,026, while exchange reserves continue to dwindle — a combination that signals long-term conviction and tightening market supply. Meanwhile, retail participation seems to be taking a breather. The number of wallets holding less than 10 BTC has declined over the past few months, a divergence that often plays out in cycles where whales load up while smaller holders either take profits or wait on the sidelines. Notably, whales are now absorbing Bitcoin at over three times the asset’s annual issuance rate — effectively outpacing new supply and creating upward pressure on price. History Echoes — But With More Ammunition Analysts are drawing parallels to previous whale accumulation phases, particularly the lead-up to Bitcoin’s 2021 all-time high, when the number of 1,000+ BTC wallets peaked just shy of 2,500. The difference now is the macro backdrop — halving tailwinds, reduced exchange liquidity, and institutional interest appear far stronger in 2024. As Bitcoin inches toward potential price discovery again, the whales are already in motion. And if history is any guide, they tend to move early — and with conviction. The post 60 New Giant Bitcoin Wallets Emerge as BTC Eyes $100k appeared first on TheCoinrise.com .

Source: The Coin Rise