The latest on-chain data has revealed a recent milestone for Bitcoin whales, i.e. addresses containing at least 1,000 BTC. Notably, Bitcoin whale data shows that the number of addresses in this category is currently at its highest since January 2021 bull market levels.

With Bitcoin still near an all-time high, this recent whale milestone calls into question the bigger opportunity Bitcoin cracking above and creation A recent all-time record is coming soon.

Whale activity and whale ownership numbers are reaching recent highs

Bitcoin whales have always been one of the most vital indicators of continued sentiment among traders and long-term holders. According to Glassnode data presented by André Dragosch, director and head of research for Europe at Bitwise, the number of addresses belonging to the whale category has been growing steadily since January 2024 and was just under 1,500 addresses.

The current market climate and the influx of institutional investors have allowed this upward trend to continue over recent months, pushing it to multiple levels. The latest data shows that the number of Bitcoin addresses holding at least 1,000 BTC has reached 1,678, the highest point of whale activity since January 2021, at the height of the last major bull run.

This suggests that each of these addresses currently holds at least $67 million worth of Bitcoin, given the cryptocurrency’s current price.

A recent all-time record?

Whale accumulation leading to the previous high in January 2021 was one of the key factors that drove the Bitcoin price to a peak above $69,000 in 2021.

While Bitcoin has now broken above its previous high, creating an all-time high of $73,737 in March 2024, the same accumulation pattern appears to be unfolding. This engaging accumulation of BTC by Bitcoin whales turned out to be much needed escalate to stop deeper price corrections after a false breakout descending triangle at the beginning of the week.

Even after the false breakout, the overall sentiment around Bitcoin remains bullish. According to analytics provider CryptoQuant, it’s not just whales that rule the market. Individual investors also got in on the action. Network data shows a 13% escalate in retail demand over the last 30 days, a significant escalate reflecting the retail interest seen in March 2024, just before Bitcoin reached its recent all-time high.

Online retail operations return after 4 months

“Over the last 30 days, retail demand has increased by approximately 13%, underscoring a scenario that only occurred in March when we were close to the recent all-time high.” – By @caueconomy

Full entry 👇https://t.co/VORO90JhVg pic.twitter.com/jHGzjUBgII

— CryptoQuant.com (@cryptoquant_com) October 22, 2024

At the time of writing, Bitcoin is trading at $67,000, with prices ranging from $65,161 to $67,538 over a 24-hour period and from $65,441 to $69,227 over a seven-day period.

Interestingly, Bitcoin is only about 10% away from surpassing its all-time high again. It seems that as the purchase and accumulation interest of Bitcoin whales increases ready for another explosion set a recent price record before the end of 2024.

Featured image created with Dall.E, chart from Tradingview.com