Bitcoin whales add over 60 wallets as price nears $88,000

The number of Bitcoin (CRYPTO:BTC) addresses holding more than 1,000 BTC increased by over 60 since early March, reaching a four-month high of 2,107 on April 15, according to data from Glassnode.

This rise in whale wallets follows a period of price decline and signals continued accumulation by large holders.

The current level of whale addresses matches previous spikes seen in November and December, periods marked by strong market momentum.

The all-time peak for Bitcoin whale addresses was nearly 2,500 in February 2021.

Additionally, addresses holding over 100 BTC have also grown slightly this year, reaching 18,026 by April 20.

In contrast, smaller holders with less than 10 BTC have decreased over recent months.

On April 18, Bitcoin whales were absorbing the asset at rates exceeding 300% of the yearly issuance while exchange balances declined.

Whales holding more than 10,000 BTC remain actively accumulating during the price dip, according to Glassnode.

“Whales are accumulating massive amounts of Bitcoin, they know what comes next,” commented Bitcoin trader ‘Mister Crypto’ on April 20.

Meanwhile, Bitcoin’s price has shown signs of breaking out from a sideways channel that began in early March.

On April 21, the asset climbed over $3,000 to surpass $87,400 for the first time since March 28.

Analysts view Bitcoin’s breakout from a multimonth falling wedge chart pattern as a potential bullish reversal.

This development could push the price toward six figures by May.

At the time of reporting, the Bitcoin (BTC) price was $87,506.81.