Quick take:
- The number of Bitcoin addresses holding 1k+ BTC has reached a new all-time high of 2,450
- This is an increment of 140 Bitcoin addresses in 28 days or a 6% increment
- Accumulation of Bitcoin is ongoing and could hint of an expected price increment
- Bitcoin is still defending the $30k – $32k price area as support
The number of Bitcoin addresses holding 1,000 BTC or more has hit a new all-time high of 2,450. This is according to an analysis done by the team at Bloqport who also pointed out that these whale addresses increased by 140 in 28 days. This amount is a 6% increment in the stated time period and could be the first indication of an expected Bitcoin price increment by investors.
The team at Bloqport shared their observation of Bitcoin via the following statement and accompanying chart courtesy of Glassnode.
The number of addresses holding 1,000 BTC just reached a new all-time high of 2,450. Over the last 28 days, 140 new whale addresses with 1K+ BTC were created, suggesting large entities may be expecting a significant price rise for Bitcoin in the near future.
Bitcoin Futures Funding Experiences a Reset
Also worth mentioning is that the funding rate on Bitcoin futures across major exchanges dipped below zero with yesterday’s sell-off that saw Bitcoin print a double bottom around the $29,200 price area. This means that the Bitcoin futures funding rates experienced the proverbial factory reset. Bitcoin traders can now gear up to long BTC once again without the heavy burden of high funding rates that eat into profits.
The reset in Bitcoin futures funding rates was highlighted by the team at Glassnode via the following tweet.
#Bitcoin futures funding rates across major exchanges dip below zero.
Chart: https://t.co/UCmp2OkdOR pic.twitter.com/JXw7S5jvVo
— glassnode (@glassnode) January 27, 2021
Bitcoin Rises Above $30k and Holds $31k
At the time of writing, Bitcoin is trading at $31,200 after yesterday’s dip to $29,200. The King of Crypto is defending the $30k – $32k support zone as it stares at the expiration of multiple Bitcoin futures and options contracts tomorrow, Friday, January 29th.
If Bitcoin can maintain current levels through the expiration of these derivative products, it could very well begin another journey towards setting a new all-time high and reaching the highly anticipated $50k ceiling.
However, Bitcoin has another mega-event in the form of the weekly and monthly close happening concurrently this Sunday, January 31st. Once again, $30k – $32k will be a zone of interest if Bitcoin is to maintain its bullish momentum into the new month.
