Will Bitcoin Whales Surge to 2021 Levels Lead to BTCs New ATH

CoinW.com reports:
The number of whales has reached its highest point in three years, holding nearly 4 million BTC.
The growth rate of retail holdings is slow, but will this trend trigger a new ATH?
Bitcoin [BTC]
Whales, entities that hold more than 1,000 coins, have increased by 2024 to levels seen in early 2021, just before the asset exploded to its previous cycle high of $69,000.
According to Glassnode data, as of October 23, the number of whales exceeded 1,660.
Regarding the rise of large BTC investors, Andre Dragosch, research director at Bitwise, said,
I wonder
if this indicates the possibility of setting a new all-time high (ATH).
“The total number of Bitcoin whales has just reached its highest level since January 2021! Is a new ATH imminent?”
In 2020, the number of whales increased from 1,650 to over 1,760. Subsequently, BTC reached a new ATH in the second year.
Whether the same trend will occur in 2024 remains to be seen.
Whales’ eyes on 4 million BTC
According to CryptoQuant data, as of the time of writing, the total holdings of whales are 3.9 million BTC.
This is equivalent to $261 billion, nearly 20% of the BTC market size. Whale entities have increased by about 67 million bitcoins since mid-2023.
However, not all whale groups are accumulating heavily. According to Santiment data, in 2024, those holding between 100,000 and 1 million BTC will actively accumulate. However, those holding 1,000 to 10,000 BTC have reduced their risk exposure.
But analysts at CryptoQuant point out that, overall, whales are accumulating more Bitcoin than their retail counterparts. They state:
“Since early 2024, the holdings of other larger investors (1-10K BTC holders) have been growing at a faster pace than those of retail investors. As of today, the holdings of retail investors have increased by 30,000 bitcoins, while the holdings of other larger investors amount to 173,000 bitcoins.”
Santiment data shows that those holding less than 10 BTC have seen slow growth in recent months.
However, those holding 100 to 1,000 BTC have increased their positions and market dominance from 19% to 20%.
Despite the slow growth rate of Bitcoin retail reserves, the overall trend has shifted towards a holding strategy, such as
BTC accumulation balance.
Analysts believe that the above trend is a positive catalyst for BTC’s potential new ATH attempt, but this remains to be observed.