Bitcoin Whales Unwilling To Sell Even As BTC Hits A New All-Time High Above $72,000

Updated: 11 March 2024

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Bitcoin whales are unwilling to sell even as Bitcoin continues its rally to create a new all-time high above $72,000.

Data from Look Into Bitcoin shows that the number of whale addresses holding more than 1,000 BTC was at 2,107 on March 9, addresses that have steadily grown in tandem with Bitcoin’s price.

(Source: LookIntoBitcoin)

The addresses with over 1,000 BTC are currently at par with levels last seen before the FTX collapse after hitting an all-time high in February 2021 of 2,489, when the BTC price was at $46,000.

Data from Santiment also shows that the amount of BTC on exchanges has dropped drastically over the past month, indicating unwillingness to sell.

Bitcoin ETFs Accumulate More Coins

The BlackRock iShares BTC Trust (IBIT) ETF continues to accumulate more coins. The IBIT ETF currently holds more than 198,000 coins, overtaking in just two months the 193,000 BTC held by MicroStrategy, the largest corporate holder of Bitcoin.

💫💫BlackRock Bitcoin ETF now holds more BTC than MicroStrategy💫💫

According to data from BitMEX, BlackRock's IBIT now has nearly 198,000 Bitcoin, outpacing MicroStrategy’s holdings.

💠BlackRock's Bitcoin ETF surpasses MicroStrategy's holdings. Excluding Grayscale's GBTC, new…

— Harley Lawrence (@HarleyLawr58926) March 11, 2024

But MicroStrategy is not relenting in its Bitcoin purchases, and recently announced a convertible notes offering to help it buy more Bitcoin.

Bitcoin Creates a New All-Time High

Whales continue to show interest in Bitcoin despite the coin pumping to new highs.

The BTC price traded at a record high $72,562 as of 10.24 a.m EST. The gains come amid growing interest in spot Bitcoin ETFs (exchange-traded funds) and the hype around the upcoming BTC halving in April.