Bitcoin whales, pundits continued to stack throughout April, data shows

The number of addresses holding more than a thousand Bitcoin has surged in April as whales continue to accumulate. 

More than 60 new wallets holding over 1,000 Bitcoin (BTC) have appeared since early March, a signal of increasing whale activity. 

The number of these whale wallets has increased from 2,037 in late February to hit a four-month high of 2,107 on April 15, according to Glassnode. 

This has returned the metric to levels seen in two spikes in whale addresses in November and December, when crypto markets were surging following the election of US President Donald Trump. 

The all-time high for Bitcoin whale addresses was in February 2021, when it came just short of 2,500.

The number of addresses holding over 100 BTC has also climbed marginally this year, reaching 18,026 on April 20, according to Glassnode. However, smaller holders with less than 10 coins have been in decline over the past few months. 

Whales continue stacking

On April 18, Cointelegraph reported that Bitcoin whales were absorbing the asset at record rates of over 300% of the yearly issuance while exchange balances were falling. 

Bitcoin whales holding over 10,000 coins remain in strong accumulation territory as the dip buying continues, according to Glassnode. 

“Whales are accumulating massive amounts of Bitcoin, they know what comes next,” said Bitcoin trader ‘Mister Crypto’ on April 20.

Related: Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’

Meanwhile, Bitcoin prices appear to be breaking out of a sideways channel that began in early March. 

The asset climbed more than $3,000 on the day to reclaim $87,400 on April 21 for the first time since March 28. 

Bitcoin’s breakout from a multimonth falling wedge chart pattern signals a potential bullish reversal that could drive its price back toward six figures by May, according to analysts. 

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest