Bitcoin whales, a small group of addresses holding significant amounts of the cryptocurrency, have accumulated 59.2% of Bitcoin’s circulating supply, according to an analysis by Santiment. These 15,870 addresses, each holding over 100 BTC, collectively control 11.5 million coins, with an additional 27,755 BTC acquired in the past quarter.
Whale accumulation is a potential indicator of market trends and price fluctuations. Despite over one billion addresses created on the Bitcoin blockchain, only around 45 million have a balance. Bullish predictions for Bitcoin’s price include reaching $100,000 by 2025, a leap to $180,000 before the 2024 halving, and surges to $50,000 this year and potentially $120,000 by 2024’s end.
As the accumulation of Bitcoin by whales continues to capture attention, investors and analysts will closely monitor their activities and the potential impact on the market. The increasing concentration of Bitcoin among a limited number of addresses raises questions about market dynamics, influence, and the potential implications for price movements. With the combination of whale accumulation and optimistic price predictions, the future of Bitcoin remains an intriguing subject that cryptocurrency enthusiasts and market participants alike will closely follow.
Source: CRYPTOGLOBE
