Bitcoin whales refuse to sell despite $70K—BTC holdings skyrocketing in a parabolic manner.

Bitcoin whales are showing no signs of selling their holdings despite the recent surge in prices that pushed Bitcoin above $70,000, according to on-chain data. The number of unique addresses holding at least 1,000 Bitcoin, known as whales, has increased to 2,104 addresses as of March 7. However, this is still lower than the record of 2,489 addresses reached in February 2021 when Bitcoin was trading above $46,000. The rise in the number of wallets could be attributed to the growing popularity of spot Bitcoin exchange-traded funds (ETFs) in the United States, which have reached a cumulative trading volume of over $52.5 billion. This suggests that whales expect prices to continue rising. The fact that whales are not selling their Bitcoin at these levels is significant because their trades can have a significant impact on price. Furthermore, data from Glassnode shows that transfers from exchanges to whales have reached new record highs this month, indicating that whales are not rushing to dump their holdings. This suggests that there is a large influx of new investors into Bitcoin and little sign of profit-taking by wealthy investors, despite the record high prices. The strong demand for BTC is also evident in the BlackRock iShares Bitcoin Trust (IBIT), which recorded its highest daily inflows of $788 million on March 5. Based on technical, on-chain, and fundamental indicators, Bitcoin’s next target could be around $92,500, as suggested by a triangular formation in the charts, which is considered a bullish continuation pattern. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any investment decisions.