Bitcoin bulls holding $70K in shares aren’t selling; instead, their gain is “going parabolic.”

According to the most recent on-chain data, Bitcoin whales are not in a rush to sell into the current surge that has driven the cryptocurrency to unprecedented heights above $70,000.
As of March 7, there were 2,104 distinct addresses that had 1,000 Bitcoin or more, referred to as “whale” addresses. This is still less than the record of 2,489 addresses, though, which was attained in February 2021 when the price of Bitcoin was over $46,000.
The increase in the number of wallets may also be explained by the fact that on March 4, the cumulative trading volume of Bitcoin exchange-traded funds (ETFs) in the United States exceeded $52.5 billion. Whales appear to anticipate future price increases based on the fact that they are not liquidating their Bitcoin at these levels. Whales in bitcoin are crucial because their trading sizes have a big influence on prices.
In a March 7 X post, Julio Moreno, the head of research at on-chain intelligence company CryptoQuant, also noted the surge. Moreno wrote: “The growth of whales’ Bitcoin holdings is going parabolic.”
Additional proof that Bitcoin whales are not in a haste to sell their holdings comes from a number of indicators that track volume exchanges and whales.
Data indicates that this month has seen a “parabolic” increase in transfers from exchanges to whales, reaching all-time highs. Comparing the transfer volume from whales to exchanges to prior bull and bear market periods, there has only been a slight increase.
Overall, these data point to a significant influx of new investors in Bitcoin and show that, despite record-high BTC prices, there is little evidence of affluent investors collecting profits.
Fundamentally, US spot Bitcoin ETFs are still the main source of demand for BTC. For instance, the BlackRock iShares Bitcoin Trust (IBIT) saw $788 million in daily inflows on March 5, which was a record high.
The next major target for Bitcoin, according to a combination of technical, on-chain, and fundamental indications, may be approximately $92,500. Notably, a triangle formation resembling a bull pennant was recently printed on Bitcoin charts, which is generally considered to be a bullish continuation pattern.