Bitcoin whales have amassed 1.97 million coins in newly created wallets, indicating increased interest and a shift in market sentiment as BTC hovers near its all-time high. This trend is not exclusive to older large-scale investors, as new wallets have actively accumulated BTC in recent weeks. CryptoQuant CEO Ki Young Ju states that the balance of BTC held in wallets less than 155 days old has surged 813% YTD, with most occurring in the past month.
New wallets are shifting the distribution of BTC holdings, potentially changing the future dynamics of price. New Bitcoin wallets have resulted from older wallet rollovers for security, rather than being created by institutions. This activity shows increased demand and scarcity of spot BTC, leading to a bullish market outlook.
