The number of Bitcoin wallets holding 10 or more BTC has reached a staggering 16.16 million, signaling a significant surge in confidence among large investors. This milestone indicates that whales, or investors with substantial holdings, now collectively own 82% of the total Bitcoin supply. The growing trend of whale accumulation suggests a bullish outlook for the cryptocurrency.

According to data analytics firm Santiment, the number of whale wallets has returned to levels last seen in June 2021, with Bitcoin's market value increasing by 226% over the same period. Meanwhile, the amount of Bitcoin held on exchanges has dropped to its lowest point since December 2021, indicating that investors prefer to store their assets in long-term custody rather than on exchanges.

The approval of spot Bitcoin ETFs has contributed to the growing confidence in Bitcoin, attracting both institutional and retail investors. The cryptocurrency has experienced significant volatility but has consistently crossed the $70,000 mark, with a new all-time high this year. The collapse of FTX in November 2022 had a notable impact on the market, with allegations of Bitcoin price manipulation emerging during the trial.

Since FTX's collapse, there has been a clear link between the number of whale wallets and Bitcoin's market value, suggesting that large investors are driving the growth of the cryptocurrency. As the market continues to evolve, the accumulation of whale wallets is a promising sign for Bitcoin's future. With growing confidence and investment, Bitcoin is poised for further growth and adoption.