An Increasing Number Of Bitcoin Whales Are Adding To The Upwards Price Pressure Of Bitcoin

The number of bitcoin whale – investors with a sizeable holding of Bitcoin and thus with an ability to influence the market – has jumped to highs alongside the recent price increases.

  • As of this Sunday, clusters of addresses held by a single owner holding a minimum of 1,000 BTC – was 1,939, the highest since 2016

  • The whale metric increased by 2.2% sincelast week, adding to bull pressures on the price of bitcoin.

  • The Bitcoin by market value rose by 13% last week to depict its best week since April.

  • The uptrend gathered momentum on Wednesday after PayPal announced its support for Bitcoin and prices reached 13-month highs above $13,300.

  • The number of whales has increased by 13% this year alongside a staggering 20% rise in the supply of US Dollar..

  • High net-worth individuals increasingly consider bitcoin as a hedge against inflation

  • Several top capital investors have disclosed bitcoin investments, providing a strong vote of confidence in the future of Bitcoin.

  • Billionaire Paul Tudor Jones believes bitcoin's rally is just beginning.

  • As per the technical indictors, Bitcoin is looking north, having cleared resistance with a weekly ending above $12,500.

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