As whales continue to accumulate, the number of addresses holding more than 1,000 Bitcoin surged in April.
More than 60 new wallets holding over 1,000 Bitcoin (BTC) have been appearing since early March, signaling an increase in whale activity.
According to GlassNode, the number of whales’ wallets reached a four-month high of 2,107 from 2,037 in late February to a four-month high of 2,107 on April 15th.
This returned the metric to the level seen in two spikes in the whale speech in November and December, when the crypto market had skyrocketed after the election of US President Donald Trump.
The all-time high for Bitcoin Zilla addresses was February 2021, just below 2,500.
According to GlassNode, the number of addresses with over 100 BTC also rose slightly this year, reaching 18,026 on April 20th. However, in the past few months, the number of small holders with fewer than 10 coins has declined.
The whales continue to stack
On April 18, Cointelegraph reported that Bitcoin Zilla was absorbing assets at a record rate of over 300% of annual issuance while its exchange balances were declining.
According to GlassNode, Bitcoin Zilla, which holds over 10,000 coins, remains in the realm of strong accumulation as DIP purchases continue.
“Whales are accumulating a lot of Bitcoin. They know what’s coming next,” Bitcoin trader “Mr. Crypto” said on April 20th.
Related: Bitcoin prices are heading towards low range, but data shows that it’s “wild right now”
Meanwhile, Bitcoin prices appear to have escaped from the lateral channel that began in early March.
The asset rose over $3,000 that day to recover $87,400 on April 21 for the first time since March 28th.
According to analysts, Bitcoin’s breakout from the multi-order falling wedge chart pattern shows a potential bullish reversal that could pull prices back to six figures by May.
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