Bitcoin has surged past the $67,000 mark, a significant development that has coincided with an increase in the number of whales within the network.
This observation is highlighted by analyst Ali in a recent post on X, emphasising the growing population of large-scale Bitcoin holders, also known as whales.
The on-chain data suggests a clear correlation between the rising price of Bitcoin and the increasing whale count. This pattern suggests that as more whales accumulate Bitcoin, the price tends to increase, possibly due to the reduced supply on exchanges and increased demand.
The dynamics between Bitcoin's price movements and the activities of whales are crucial for understanding the market's direction and future potential shifts.