Rise of Whales in the Bitcoin Network and Its Impact on the Cryptocurrency Marke

Over the past day, there has been a noticeable increase in whales within the Bitcoin network. Interestingly, this marks the largest surge in over a year and a half. Sixteen new Bitcoin addresses have transitioned into the "whale" category, holding between 100 to 1,000 BTC. This growth coincides with Bitcoin's attempt to break through the key resistance level at $27,000. These data are provided by the analytical service Santiment, which noted the rise in the number of significant investors over the past weekend. Currently, there are 140,210 addresses with balances ranging from 10 to 100 BTC, further highlighting the dynamic development of the cryptocurrency ecosystem.

The appearance of new whales is linked to an intriguing phenomenon – the transition of smaller wallets into a new category. This signifies that Bitcoin owners are beginning to expand their investments, becoming larger holders. At present, holders of BTC for over a year possess an impressive 69% of all coins in circulation. This indicates a growing interest in cryptocurrencies as a means of long-term investment.

Starting from October, the cryptocurrency market has faced some challenges, with the Bitcoin price falling below the $27,000 level. Some analysts anticipate that BTC may drop to $25,000 due to the escalation of geopolitical conflicts in the Middle East and ambiguous data from the derivatives market. Another critical aspect is the volumes of sales by miners, which reached over 20,000 coins last week. This reflects miners' inclination to sell Bitcoin during periods of growth to cover operational expenses. Such actions by miners can exert significant pressure on the market.

Despite the current difficulties, analysts are highlighting positive aspects. Bitcoin's growth before the halving and the potential approval of a spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission could be a driving force for the market. However, the final decision regarding the ETF remains uncertain. The developments in this direction should be closely monitored, as they could influence the future dynamics of the cryptocurrency market.