U.Today – On-chain analytics startup reports a significant milestone reached by Bitcoin whales. The amount of Bitcoin held by addresses with more than 1,000 BTC peaked in 2023.
According to IntoTheBlock, the balance of addresses with more than 1,000 BTC reached a new annual high this week.
Following the collapse of FTX affiliates Alameda Research and Genesis, the amount of Bitcoin held by addresses with more than 1,000 BTC fell precipitously.
Companies of this size have been growing steadily since 2023, with their holdings reaching 7.67 million BTC this week, worth $275 billion.
According to IntoTheBlock, the size of these holdings suggests that major Bitcoin institutions are seeing increased demand and are in a strong position.
Additionally, the amount held by long-term investors hit new all-time highs this week.
Addresses that have held Bitcoin for more than a year have historically been an indicator of the progress of the Bitcoin cycle. This is because hodlers tend to increase their Bitcoin holdings during bear markets and at the beginning of bull markets, and decrease them near previous all-time highs.
According to IntoTheBlock, the rising balance of hodlers could indicate that investors in general are expecting Bitcoin to rise.
Bitcoin approached $38,000 on Thursday but then fell back, trading slightly higher at $36,459 in the last 24 hours. In a blog post, IntoTheBlock noted that futures market data could indicate that US companies were among the main drivers of Bitcoin’s rise.
suggests that bullish options bets on Bitcoin prevail, reaching $40,000 and even $45,000 by the end of December.
Given that traders selling call options are willing to take the other side of the bet, $40,000 could become a critical testing point for Bitcoin’s rise.
This article was originally published on U.Today
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