Based

United

Bitcoin ETF

Bitcoin

BlackRock

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin whales are not selling despite the cryptocurrency reaching new highs, indicating an expectation of further price increases.</li>
 <li>The number of unique addresses holding at least 1,000 Bitcoin has grown, possibly due to the influence of U.S. spot Bitcoin ETFs.</li>
</ul>
<h2 id="bitcoin-whales-hold-on">Bitcoin Whales Hold On</h2>
<p>Despite <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) reaching unprecedented heights above $70,000, data indicates that large-scale Bitcoin holders, or “whales”, are not in a hurry to sell.</p>
<p>As of March 7, the number of unique addresses holding at least 1,000 Bitcoin has grown to 2,104. This is still lower than the record of 2,489 addresses reached in February 2021, when Bitcoin was trading above $46,000.</p>
<h2 id="u-s-bitcoin-etfs-and-whale-behavior">U.S. Bitcoin ETFs and Whale Behavior</h2>
<p>The increase in wallet count could be linked to U.S. spot Bitcoin exchange-traded funds (ETFs), which surpassed $52.5 billion in cumulative trading volume on March 4.</p>
<p>The lack of selling activity from whales suggests that they anticipate further price increases. The size of their trades can significantly influence the Bitcoin price.</p>
<p>Julio Moreno, the head of research at on-chain intelligence firm CryptoQuant, noted this growth, stating that the increase in whales’ Bitcoin holdings is going “parabolic”.</p>
<p>Data from Glassnode shows that transfers from exchanges to whales have also skyrocketed to record highs this month. Conversely, the transfer volume from whales to exchanges has only seen a modest increase compared to previous market periods.</p>
<h2 id="continued-bitcoin-etf-buying">Continued Bitcoin ETF Buying</h2>
<p>On a fundamental level, spot Bitcoin ETFs in the United States continue to drive demand for BTC. The BlackRock iShares Bitcoin Trust (IBIT), for instance, recorded its highest daily inflows of $788 million on March 5.</p>
<p>This data suggests a significant influx of new investors into Bitcoin, and little evidence of profit-taking by wealthy investors, despite record high BTC prices.</p>
<p>Based on a combination of technical, on-chain, and fundamental indicators, Bitcoin’s next significant target could be around $92,500. Notably, recent Bitcoin charts have shown a triangular formation resembling a bull pennant, widely regarded as a bullish continuation pattern.</p>

Bitcoin Whales Hold Steadfast: BTC Holdings Skyrocket Despite $70K Mark

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