• 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 noteworthy development for cryptocurrency enthusiasts, the number of large Bitcoin holders, commonly known as whales, has reached its highest level since January 2021. Data provided by Glassnode, in conjunction with insights from André Dragosch, the head of research for Europe at Bitwise, shows these whales now number 1,678. This significant rise in whale entities underscores a growing confidence among seasoned investors about Bitcoin’s future market performance.

BREAKING: Total number of #Bitcoin whales just reached the highest level since Jan 2021! 🐳

Latest data by @glassnode show that there are 1,678 entities that are considered to be whales.

Whales are defined as network entities that control at least 1k BTC.

New ATHs incoming? pic.twitter.com/q49AeUDWj2

— André Dragosch, PhD | Bitcoin & Macro ⚡ (@Andre_Dragosch) October 23, 2024

The retail and institutional dynamics are opposite to the whale population growth as it remained stagnant as compared to the whale population. Only 1,000 more Bitcoins have been added to retail holdings over the past 30 days. Compared to big investors’ aggressive acquisition strategies, this pace is slow. Entities holding 1,000 to 10,000 Bitcoins as of 2024 have collectively added 173,000 Bitcoins, dwarfing the 30,000 Bitcoins breaded 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.

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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.

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