Bitcoin's New Whales: Millionaires Accumulate Coins, Eyeing Potential Price Surge

Since late November, wealthy Bitcoin investors have amassed over one million coins, with 200,000 acquired just last month, according to CryptoQuant research. These "new whales," holding at least 1,000 Bitcoin each, are mostly novices owning their holdings for under six months. On January 17, Bitcoin futures open interest hit $33 billion, followed by a $10 billion wipeout between February 20 and March 4, attributed to political turbulence. Market observers note that such buying from major players typically precedes a price spike. Analysts suggest a potential price target of $150,000 to $160,000, driven by millionaires purchasing significant portions of Bitcoin's finite supply, altering the supply-demand equilibrium. A cryptocurrency fund manager suggests these investors anticipate future gains, potentially leading to a rapid and substantial price increase.