Recent on-chain data analysis indicates that significant investments have been flooding into Bitcoin over the last six weeks, with large wallets experiencing exponential growth over this time frame. This suggests heightened interest from big money investors for cryptocurrency as an asset class.
Rise in Bitcoin’s Influential Investors
Data indicates that since the start of this bullish phase in the market, the number of Bitcoin addresses with at least 100 BTC holdings has seen a notable surge. These large holders, often referred to as sharks or whales by investors, play an essential role in driving market dynamics due to their significant holdings.
Investors within this bracket are considered to have substantial financial means, with an entry point at approximately $10.4 million at current exchange rates. They possess considerable purchasing power that allows them to influence market fluctuations through purchasing power alone.
Activity and trends among this investor group provide insights into market heavyweight sentiment. While their actions do not directly predict price movements, they provide invaluable indicators of potential shifts and mood.
An increase in wallets holding 100+ BTC coincides with Bitcoin’s ongoing bull run, signaling greater faith among these investors in its value even with rising prices.
Starting early October, 1,582 new shark and whale-sized wallets have been introduced onto the market – marking an almost 10% growth. A substantial part of this expansion can be attributed to investments at higher price points.
Bitcoin’s Market Performance
At present, trading conditions show Bitcoin at around $103,900, an increase of approximately 5% since last week. This growth can be seen as evidence of market strength as investors develop Fear Of Missing Out (FOMO), further pushing its value past $106,000 threshold.
Significant investments into Bitcoin and the rise of shark and whale wallets demonstrate a bullish outlook in the cryptocurrency space, suggesting its momentum may not yet have peaked.
