Bitcoin whales not selling despite $70K — BTC holdings growth ‘is going parabolic’

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9 Mar 2024

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ZOLTAN VARDAI
2 HOURS AGO

Bitcoin whales not selling despite $70K — BTC holdings growth ‘is going parabolic’

Bitcoin addresses holding at least 1,000 BTC are climbing again despite the BTC price reaching over $70,000 for the first time.
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Bitcoin (BTC) whales are not in a rush to sell into the current rally that propelled Bitcoin to new heights above $70,000, the latest on-chain data suggests.

Bitcoin whale population grows despite price record high

The number of unique addresses holding at least 1,000 Bitcoin — known as whales — has risen to 2,104 addresses as of March 7.
However, this is still lower than the record of 2,489 addresses reached in February 2021, when Bitcoin was trading above $46,000.
Bitcoin addresses with at least 1,000 BTC. Source: LookIntoBitcoin
The rising wallet count could also be attributed to the United States spot Bitcoin exchange-traded funds (ETFs), which surpassed $52.5 billion in cumulative trading volume on March 4.
The fact that whales are not selling their Bitcoin at these levels suggests that they expect prices to rise further. Bitcoin whales are important because the size of their trades can significantly impact price.
Julio Moreno, the head of research at on-chain intelligence firm CryptoQuant, also took note of the growth in a March 7 X post. Moreno wrote:

“The growth of whales’ Bitcoin holdings is going parabolic.”

Bitcoin whales holding 1,000–10,000 BTC, 1-year change. Source: Julio Moreno on X

Whales withdraw from BTC exchanges at record pace

Further evidence of Bitcoin whales not rushing to dump their holdings comes from several metrics measuring volumes between whales and exchanges.

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Glassnode data shows that transfers from exchanges to whales have also “gone parabolic” to new record highs this month.
Bitcoin: Number of transfers from exchanges to whales. Source: Glassnode
Meanwhile, the transfer volume from whales to exchanges has only seen a modest uptick compared to previous bull and bear market periods.
Overall, these metrics suggest a big influx of new investors into Bitcoin and that there is little sign of profit-taking by wealthy investors despite record high-level BTC prices.
Transfer volume from whales to exchanges. Source: Glassnode

Bitcoin ETF buying spree continues

On a fundamental level, spot Bitcoin ETFs in the United States continue driving demand for BTC. The BlackRock iShares Bitcoin Trust (IBIT), for example, recorded its highest daily inflows of $788 million on March 5.
Related: Bitcoin retail interest returns, pushing BTC spot trading volume to 12-month high
As Cointelegraph reported, Bitcoin’s next big target could be around $92,500, based on a mix of technical, on-chain and fundamental indicators. Notably, Bitcoin charts recently printed a triangular formation resembling a bull pennant, widely regarded as a bullish continuation pattern.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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CIARAN LYONS
6 HOURS AGO

Crypto-related investment fraud rose 53% in 2023 — FBI

According to the FBI, cryptocurrency-related investment fraud accounted for 86% of all investment losses within the United States in 2023.
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The United States Federal Bureau of Investigation (FBI) reported that cryptocurrency-related investment fraud constituted the largest portion of investment losses within the U.S. in 2023.
In a recent report, the FBI stated that investment losses involving crypto increased from $2.57 billion in 2022 to around $3.94 billion in 2023, representing a 53% increase.
Meanwhile, the overall amount lost from all investments in 2023 totaled $4.57 billion. This means the $3.94 billion lost in crypto-related fraud made up approximately 86% of all investment fraud losses in the nation.
Investment fraud losses reported to the Internet Crime Complaint Center. Source: FBI/IC3
The FBI emphasized that a rising number of victims are drawn into crypto scams enticed by the promise of significant returns on their investments.

“These scams are designed to entice those targeted with the promise of lucrative returns on their investments.”

One of the most common crypto scams people are falling victim to is romance scams. This is where a criminal adopts a fake online identity to gain a victim’s affection and trust before creating a story to persuade the victim to send crypto, only to disappear after.
In December 2023, Chainalysis reported that romance scams were the cause for at least $374 million in suspected stolen crypto in 2023.
Related: 4 tips that’ll keep your crypto safe from hackers this bull market
Meanwhile, on Jan. 1, Cointelegraph reported that over 324,000 crypto users fell victim to phishing scams in 2023, with around $295 million in digital assets lost to wallet drainers.
However, the rise in the number of citizens falling victim to crypto scams isn’t just in the U.S.; other countries worldwide are also experiencing a similar issue.
In April 2023, the Australian Competition and Consumer Commission reported that Australians lost 221.3 million Australian dollars ($146.9 million) from investment scams where crypto was used as the payment method in 2022 — a 162.4% increase from 2021.
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