Bitcoin giant whale is buying BTC on dips What will happen in the crypto market in May

Author: Martin Young, CoinTelegraph; Translated by: Wuzhu, Golden Finance

As whales accumulate, the number of addresses holding more than a thousand bitcoins surged in April.

More than 60 new wallets holding more than 1,000 bitcoins have emerged since early March, indicating that whale activity is increasing.

According to Glassnode, the number of these whale wallets has increased from 2,037 at the end of February to 2,107 on April 15, reaching its highest point in four months.

This brought the indicator back to the levels when whale addresses surged twice in November and December, when the cryptocurrency market soared after U.S. President Donald Trump was elected.

The record for the number of bitcoin whale addresses was in February 2021, when it was close to 2,500.

Number of addresses with a Bitcoin balance exceeding 1,000 BTC. Source: Glassnode

According to Glassnode, the number of addresses holding more than 100 BTC has also increased slightly this year, reaching 18,026 on April 20. However, the number of smallholders holding less than 10 BTC has been declining over the past few months.

Whales continue to accumulate

On April 18, it was reported that the Bitcoin giant whale was absorbing Bitcoin at a record rate, exceeding 300% of the annual issuance, while the exchange balance was declining.

Glassnode said that as the dip buy continues, the "big whale" holding more than 10,000 bitcoins is still in a strong absorption area.

"Whales are accumulating a lot of bitcoins, and they know what will happen next," Bitcoin trader Mister Crypto said on April 20.

Bitcoin whale holdings change. Source: Mister Crypto

Meanwhile, Bitcoin prices appear to be breaking through the horizontal channel that began in early March.

The asset rose more than $3,000 on the day and recovered $87,400 for the first time since March 28 on April 21.

Bitcoin breaks through a decline wedge chart pattern that lasted for months, heralding a potential bullish reversal, with its price likely to rebound to six figures by May, analysts said.