Bitcoin Whale Numbers Hit New Peak Since January 2021

[25/10/2024]
Bitcoin whales reach a high of 1,678 entities, the most since January 2021. Retail Bitcoin holdings grow by only 1K BTC in 30 days, a historic low. Bitcoin futures open interest peaks at $40.5 billion on October 21.

In a notable development for cryptocurrency enthusiasts, the number of large Bitcoin holders, commonly referred to as whales, is at its highest level since January 2021. Data provided by Glassnode, in conjunction with André Dragosch, head of research for Europe at shows that these whales now number 678. This significant increase in the number of whale entities underscores the growing optimism of seasoned investors regarding the future performance of Bitcoin. The dynamics of retail and institutional investors are in opposition to the growth of the whale population , as it has remained stagnant relative to the whale population. Only 1,000 additional Bitcoins were added to individuals in the last 30 days. Compared to big investors’ aggressive acquisition strategies, this pace is slow. Entities holding between 1,000 and 10,000 in 2024 have collectively added 173,000 Bitcoins, eclipsing 30,000 Bitcoins accumulated by retail investors. 

The surge in whale accounts coincides with a robust uptake in alternative investment vehicles, such as U.S.-listed spot ETFs, which have also been gaining traction among investors. This trend is a positive sign for the cryptocurrency, suggesting a broader base of investor confidence and a potential increase in market liquidity.

In parallel to the growth in whale numbers, the derivatives market is also witnessing unprecedented engagement. As of October 21, open interest in Bitcoin futures reached a record high of $40.5 billion. The Chicago Mercantile Exchange holds the largest share, followed by notable platforms like Binance and Bybit. This spike in open interest is a critical indicator of vibrant market activity, potentially setting the stage for significant price movements as investor positions consolidate. Outlook and Predictions Despite challenges such as rising U.S. Treasury yields and a strengthening dollar, which recently dampened Bitcoin’s run past $69,000, market sentiment remains largely bullish. Analysts are eyeing future price levels around $80,000 to $100,000, supported by active options trading on major exchanges like Deribit.

Sophie Nguyen