According to data tracked by data from blockchain data analysis firm Glassnode and Bitwise Europe research head André Dragosch, the number of Bit coin whales (wallet addresses holding at least 1,000 BTC) surged to 1,678 at the beginning of the week, reaching the highest level since January 2021.
As whales have the ability to influence market liquidity and prices, their activities are closely watched. The continued accumulation of BTC by large holders, coupled with strong demand for alternative tools, particularly the US Bit coin spot ETF, suggests increased confidence in the price outlook for Bit coin.
## Retail accumulation slows down
Additionally, according to analysis firm CryptoQuant, as Bit coin prices rebounded to near $70,000, the accumulation pace of retail investors has slowed down. A CryptoQuant analyst told CoinDesk: "Over the past 30 days, retail's holdings have only increased by 1,000 coins, which is a relatively slow pace historically."
> The analyst added: "Since 2024, the year-over-year growth rate of holdings for other larger investors (those holding 1,000 to 10,000 BTC) has outpaced retail investors, with retail's holdings increasing by 30,000 BTC to date, while other larger investors have increased by 173,000 BTC."
Bit coin lost its upward momentum after briefly breaking above $69,000 this week, falling more than 5% over the past 4 days, possibly due to the continued rise in the US dollar index and US Treasury yields. At the time of writing, Bit coin was trading at $67,236.
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