19:27Bitcoin whales are betting $40K isn't the top as data hints bull run is only beginning
Volatility is the latest indicator to call the start, not the end, of a bull market cycle as 1,000+ BTC wallet numbers spike to new highs.
Bitcoin (BTC) whales clearly expect massive price rises in future as the number of wallets containing over 1,000 BTC ($35 million) hits an all-time high.
Data from on-chain analytics resource Glassnode confirms that as of Jan. 20, there were in excess of 2,400 large-balance wallets.
Whale wallets hit record highs
As Cointelegraph reported, the 1,000+ BTC wallet category was the only one to increase in recent times, with smaller wallet holder numbers conversely dropping.
While some appealed to hodlers not to sell out to whales, others argue that these newly-minted big players will aggressively protect the value of their investment.
"Large inflows to whale wallets were happening at $29,314. They will be protecting their btc... This should be strong support for bitcoin in the short term, and hopefully long term," monitoring resource whalemap summarized on Twitter this week.
Bitcoin wallets with 1,000 BTC or more. Source: Glassnode
"Strong part" of bull market yet to start
After Bitcoin's thermocap pointed to the price being in the early stages of a bubble setup, volatility now suggests that the market is just getting going on its gains. A reference point, macro investor Dan Tapeiro suggests, seems to be early 2017 — the start of almost a year of uptrend.
Bitcoin/ S&P 500 volatility vs. BTC/USD chart. Source: Bloomberg Intelligence/ Dan Tapeiro/ Twitter
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