Big Investors Are Back – Is Bitcoin on the Verge of a Record?

As the flagship crypto hovers around $67,000, the movements of “whales” captivate attention. In recent days, on-chain data has revealed a significant increase in the number of these large addresses, with an unprecedented level since the bull market of January 2021. Indeed, this massive accumulation by whales, combined with a growing influence from institutional and retail investors, raises the following question: is Bitcoin about to break a new historical record before the end of 2024?

The Resurgence of Whales

The latest data shows a situation that cannot be ignored: the number of addresses holding at least 1,000 Bitcoin has reached 1,678, a peak not observed since January 2021. At that time, Bitcoin was flirting with $69,000, one of the most important moments in crypto market history. According to Glassnode, this current accumulation reflects a renewed confidence among major investors, known to significantly influence long-term price direction. As explained by André Dragosch, head of research for Europe at Bitwise, “this rise in whale addresses shows that many investors are anticipating a new peak, comparable to that of 2021.”

Such concentration of capital by whales is often interpreted as a bullish signal, as it reflects a willingness to hold large positions over the long term. Indeed, each address in this category currently holds the equivalent of $67 million in Bitcoin, a figure that attests to the crucial role these players have in price dynamics. It should be noted that this return of whales coincides with a stabilization of prices, preventing more severe corrections after periods of significant volatility.

The Growing Involvement of Retail and Institutional Investors

While whales are often at the forefront of analyses, retail and institutional investors are not to be overlooked. According to new data from CryptoQuant, demand from retail investors has climbed by 13% over the last 30 days. This increase in retail activity, similar to what was observed in March 2024, has contributed to supporting the rise in Bitcoin’s price, which is now approaching its previous all-time high. Thus, this rise in demand is a strong sign that interest in Bitcoin remains high among major players, but also among retail investors.

Institutionals, on their part, continue to play a driving role in this bullish rally. Moreover, their massive investments, facilitated by increasingly favorable regulation, contribute to the market’s strength and reinforce overall confidence. With Bitcoin currently at only 10% of its previous ATH, many investors believe the conditions are right for a new peak. Nevertheless, the market remains volatile.

In summary, the accumulation of Bitcoin by whales and the growing enthusiasm of retail and institutional investors are positive signals for the short-term prospects of the market. If the current trend continues, Bitcoin could well establish a new historical record before the end of 2024.