As all-time high (ATH) chats continue taking center stage in the crypto market, thanks to Bitcoin hitting a 27-month high above the $63,000 level, BTC whales are not relenting on their quest to continue accumulating.
According to leading on-chain metrics provider Santiment, the number of Bitcoin whale addresses holding more than 1,000 BTC has scaled heights after recording the fastest growth in 2 years.
Per the data, the number of wallets holding at least 1,000 BTC had increased by more than 147 in February compared to those recorded in January, indicating heightened holding in the Bitcoin ecosystem.
Top analyst Ali Martinez shared similar sentiments and stated, “When focusing on the largest whale cohort, those holding between 1,000 and 100,000 BTC, there’s a clear trend of accumulation. This pattern is typical of bull markets, indicating a positive outlook among these major holders.”
Martinez also suggested that the continuous accumulation by whales was bullish because it depicted heightened confidence that further gains were in the offing.
Is Bitcoin Eyeing the ATH Price of $69,000?
Given that Bitcoin reached historic highs of $69,000 in November 2021 thanks to a significant bull run, questions are being raised about whether the apex cryptocurrency will breach this level this time round based on the current impressive uptrend.
With the crypto market recently entering the extreme greed phase, Bitcoin scaled heights and breached the $62,000 price level.
The last time Bitcoin was in this zone was on November 12, 2021, and the leading cryptocurrency continues to maintain this level since it was up by 21% in the past week to hit $62,606 at press time, according to CoinGecko data.
Therefore, time will tell whether Bitcoin will hit the all-time high price of $69,000 as it continues to enjoy significant inflows triggered by the approval of Spot Bitcoin ETFs in January this year.
