The number of coins held by whale entities has risen by over 80,000 at the time this article was written, reaching 4.216 million BTC on Friday. This marks the highest level since the May sell-off. The tally remained largely unchanged on Saturday according to data provided by Glassnode. During the bull run, the balance held by whale entities rose along with the bitcoin price. On February 8th, the balance peaked at 4.542 million.
Bitcoin price and the whale entities’ movement were highly correlated based on historical data. During the bull run of early 2021, the whale entities’ holdings were parallel with the Bitcoin price chart. However, following February, those entities became sellers. The Bitcoin bull run stalled with the sell, barring a brief spike to a record high of $64,801 in mid-April. After several months of bearish performance, the whale entities began investing their money back into the Bitcoin market again, marking a sharp rise in the amount they are holding. Bitcoin price may rise with it after some delay.
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