Bitcoin whale holdings hit record high: 'a signal of optimism for the long term'

Bitcoin's current V-shaped recovery could be a sign of new highs to come as Bitcoin whales continue to increase their holdings, according to on-chain analytics firm CryptoQ.
BaroVirtual, a verified Bitcoin researcher at CryptoQuant, claims that current whale holdings are around 670,000 BTC and the new
The chart shows a trend of increasing whale holdings in 2024, surpassing the previous all-time high of 2020 in July.
The current increase in whale stocks is a signal of optimism in the long term, and "this accumulation phase can be characterized as the calm before the storm in the medium to long term. We expect whale stocks to reach new highs in the future."
"This creates more demand during bull markets, which often causes the price of Bitcoin to plateau."
Therefore, the sudden rise in Bitcoin's price is likely due to whales gradually reducing their holdings and retail investors taking over the market.
Cointelegraph reports that the current Bitcoin whale accumulation is similar to that of 2020.
The percentage of whales in ICOs hit its previous high of 2020, with whale wallets having accumulated over 1.5 million BTC in the past six months.