Recent data from on-chain analytics, Glassnode as quoted by a crypto analyst, Willy Woo revealing that the number of big Bitcoin holders, which refers to those in possession of a thousand coins and above has risen significantly from January 2020 lows.
BTC/USD Daily Chart
Whale population had grown enormously since January even amid the coronavirus pandemic, noted the analyst who saw a significant increase in the number of large Bitcoin holders. The newest on the list is Macro investor and hedge fund manager, Paul Tudor Jones who is buying Bitcoin (BTC) as a hedge to curb the inflation he foresees ahead of central bank money printing spree while referring back to the part safe-haven gold performed in the 70s.
At the time of writing, Bitcoin is exchanging hands at $9,920, setting a local high it never reached since March market carnage while up by 4% within a 24-hour range.
Due to the significance of the $9,500 key resistance level, millions of BitMEX positions were liquidated as a result.
Analysts foresee more bullish moves ahead of the flagship asset as a well-known trader sees Bitcoin (BTC) hitting $10,500 days ahead as a potential rally exists after the $9,500 key resistance level. The reported spike in the number of Bitcoin whales is also seen as a bullish sign.