Since Christmas, the purchasing power of Bitcoin whales has risen rapidly, attracting great attention from the market. This phenomenon is not only eye-catching, but also an important indicator of the digital currency market. In this article, we will explore in depth the impact of Bitcoin whales' behavior on the market, as well as the various mysteries that may be hidden behind this increase in purchasing power.

Bitcoin, as the leader of the cryptocurrency market, has always attracted much attention. And since Christmas, the surge in the purchasing power of Bitcoin whales is even more jaw-dropping. This surge in purchasing power not only affects the price trend of the Bitcoin market, but also has a profound impact on the development of the entire digital currency field.

In this digital age, Bitcoin has become the focus of global investors. Its price fluctuations have triggered the wealth dreams of countless people, and the behavior of Bitcoin whales has become a bright spot in the market. What kind of operating logic is hidden behind these huge funds, and how will it affect the entire market pattern?

As a decentralized digital currency, Bitcoin's price fluctuations have always attracted much attention. The emergence of Bitcoin whales has added a lot of variables to the market. The huge amount of funds in their hands can often influence the market trend and lead the investment sentiment of the entire digital currency market. This surge in purchasing power is like a feast of digital currency, attracting the attention of countless investors.

The digital currency market after Christmas seems to have ushered in a strong warm wind. The surge in purchasing power of Bitcoin whales makes people wonder about the next direction of the market. Is this emerging power a promoter or a disruptor of the market? Perhaps only time can reveal the truth of this digital currency carnival.

The increase in the purchasing power of Bitcoin whales is not only a shock to the digital currency market, but also a challenge to the traditional financial system. Their operating behavior can often influence the direction of the market and even change the pattern of the entire market. The rise of this power is destined to bring a new vane to the digital currency market and make investors look forward to the future.

In this era of information explosion, changes in the digital currency market are everywhere. The surge in the purchasing power of Bitcoin whales has undoubtedly brought a strong impact to the market. Their operating behavior can often trigger violent fluctuations in the market, causing investors to fluctuate in the tide of the market. This increase in purchasing power may mean a new round of changes in the market, and it also makes people more looking forward to the future of digital currency.

The surge in the purchasing power of Bitcoin whales has brought a sensation to the digital currency market. Their operations not only affect the price trend of the market, but also trigger various speculations about the market among investors. This increase in purchasing power may be a reshuffle of the market, and it also makes people think more about the future of the digital currency market.

The digital currency market after Christmas is like a magnificent ocean. The surge in the purchasing power of Bitcoin whales is like a strong trend that sweeps the entire market. Their operations can often influence the direction of the market and lead the development of the digital currency market. This increase in purchasing power may be an innovation in the market, and it also makes people more confident in the future of digital currency.

The surge in the purchasing power of Bitcoin whales is not only a news focus in the digital currency market, but also an important event in the market. Their operations can often set off a wave in the market and trigger heated discussions among investors. This increase in purchasing power may be a baptism of the market, and it also makes people more looking forward to the future of the digital currency market.

The surge in the purchasing power of Bitcoin whales has brought a strong shock to the digital currency market. Their operations can often influence the direction of the market and trigger heated discussions in the market. This increase in purchasing power may be a baptism for the market, and it also makes people more hopeful about the future of digital currency.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

On-chain data shows that Bitcoin (BTC) whales have increased their purchases since Christmas. This indicates that high-net-worth investors are continuing to buy up new supply of Bitcoin. It is almost impossible to distinguish institutional investors from individual investors through on-chain data. However, the trend shows that investors with large capital are increasingly entering the Bitcoin market despite the rise in Bitcoin prices.

Large Bitcoin Supply Holders Source: Santiment

Why do whales continue to buy more Bitcoin?

According to analysts at Santiment, about $647 million in Bitcoin may have been transferred from small addresses to large addresses.

Addresses holding more than 1,000 Bitcoins or more are considered whales by many analysts because 1,000 Bitcoins is equivalent to more than $27 million at the current price of $27,100. The analyst wrote:

“Addresses holding 1,000 or more Bitcoin in the past 48 hours since Christmas now hold 0.13% more supply than smaller addresses previously. That’s about 24,158 Bitcoins, which is equivalent to $647.7 million at the time of writing.”

With Bitcoin up nearly threefold since mid-2020, it’s fair to say that Bitcoin’s upside is limited in the near future.

Nevertheless, most on-chain data shows fewer whales selling on major exchanges. CryptoQuant CEO Ki Young Ju said:

“Bitcoin whales appear to be tired of selling. Fewer whales are depositing Bitcoin on exchanges. I think this bull run will continue as institutional investors continue to buy and the exchange whale ratio remains below 85%.”

Whale Ratio Source: CryptoQuant

There are two main reasons why whales may be hoarding Bitcoin in the current price range.

First, while Bitcoin’s rally is overdone, whales may think that the psychological $30,000 mark will break. If so, options data suggests that $36,000 could be a target in the short term.

Second, there is no good reason to expect a major correction, aside from the CME gap and high funding rates in the futures market.

But if Bitcoin consolidates after each rally, as it has in the past two days, funding rates could normalize. When that happens, the derivatives market will be less overheated, raising the odds for a new rally.

An anonymous trader named "Byzantine
General" said the market is sending conflicting signals right now. Both long and short contract holders are aggressive, which makes both longs and shorts likely to get squeezed. "Conflicting signals. Both longs and shorts are too aggressive. I should probably sit on the sidelines," he said.

More consolidation is a possible scenario in the near term

Typically, Bitcoin on Coinbase is more expensive than on some other exchanges. However, over the past week, Bitcoin has traded slightly lower on Coinbase, around $20 to $30.

Although the spread is small, it suggests that U.S. buyer demand, which drove Bitcoin higher throughout December, may be slowing. But buyer demand is increasing in Asian markets and derivatives markets.

Considering that demand for Bitcoin in the U.S. spot market appears to be cooling, Bitcoin may consolidate for a longer period of time with lower volatility.