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The number of investors holding more than 1,000 bitcoins (BTC), better known as "whales," had shrunk at the beginning of 2024. However, it skyrocketed these days due to the fall in the price of the digital currency.
Currently, there are 1,513 bitcoin whales, the most in a year and a half. This milestone follows a steady increase in their numbers over the past two weeks. Up until then, there were 1,480 on the market.
It should be noted that the rise of whales is a bullish factor for the market. It reflects that there are investors who are buying bitcoin and holding high volumes of capital in the coin. In this sense, the demand for BTC generated by these actors puts upward pressure on the price.
Understanding this, it can be distinguished that recent purchases by investors who turned whales helped the price rally to USD 40,000.