Bitcoin (BTC) whales are actively accumulating the orange coin, as 16 new wallets now hold between 100-1,000 BTC, Santiment data shows. This trend suggests a growing investor confidence in the flagship cryptocurrency’s future.
Bitcoin whale accumulation
Bitcoin recently saw another notable day of accumulation among its larger holders, often referred to as “whales.”
A total of 16 new wallets have now entered the category of those holding between 100 and 1,000 BTC, demonstrating a growing trend.
What’s interesting is how this uptick in larger wallets correlates with smaller ones moving up the ranks, potentially reflecting a broadening interest in cryptocurrency. While we avoid any excessive excitement, these developments suggest that as more significant stakeholders increase their holdings, the argument for a potentially positive future for Bitcoin gains strength.
On March 15, Bitcoin whales were on the move, sending over 21,000 BTC to exchanges within 48 hours.
This surge in whale activity coincided with a market-wide rally that pushed Bitcoin’s price back above $26,000. Whale-tracking resource Whale Alert highlighted seven significant transactions during this period, with one unknown address transferring 1,000 BTC to Gate.io.
Bitcoin adoption grows
In related news, retail investors are accumulating Bitcoin at an unprecedented pace, according to data from Glassnode. The report shows that individuals holding less than 1BTC are adding a remarkable 28,000 BTC per month to their stash, a rate never before seen in the network’s history.
Separately, Italian luxury car manufacturer Ferrari has embraced cryptocurrency as a payment option, primarily in response to growing demand from dealers and the market. The company will soon officially start accepting BTC and ETH for its luxury cars in the U.S., with plans to expand this payment option to Europe in the first quarter of 2024.
Enrico Galliera, Ferrari’s chief marketing and commercial officer, emphasized that many of their clients are crypto investors. This move allows Ferrari to tap into a new market of potential customers, ranging from young cryptocurrency investors to more traditional clients looking to diversify their portfolios.
Bitcoin price analysis and analyst opinion
At the time of writing, the price of Bitcoin stands at $26,863, reflecting a 3.5% decline over the past seven days. With a circulating supply of 20 million BTC, Bitcoin’s market cap totals $524,786,774,306, per data from CoinGecko. The RSI on the weekly timeframe is at 44.
It’s worth noting that Bitcoin currently faces support at the $26,000 level and resistance at the $27,500 zone. This range reflects ongoing market volatility and potential key price points to watch.
Despite the optimism surrounding Bitcoin’s upcoming halving and the potential approval of a Bitcoin ETF, popular cryptocurrency analyst Nicholas Merton remains skeptical about Bitcoin’s near-term prospects.