Bitcoin whales have acquired 266,000 BTC since the start of 2024, indicating a strong interest in the cryptocurrency. The price of BTC remains close to important support levels.

While Bitcoin's price hovers around $66,500, recent on-chain data reveals a significant transfer of ownership within the Bitcoin community. Established whales are actively involved, while long-time holders are once again dispersing their holdings.

Transition of Old Bitcoins to Fresh Owners

Ki Young Ju, the CEO of CryptoQuant, highlighted a noteworthy milestone in Bitcoin's average dormancy, reaching its highest point in 13 years. This surge indicates a substantial shift of long-held Bitcoins to new holders.

This shift hints at a potential restructuring of Bitcoin's ownership landscape, raising questions about the identities of the emerging major stakeholders in the digital currency realm.

Since the introduction of spot Bitcoin ETFs earlier this year in January, there has been a substantial influx of funds. These ETFs have been acquiring significant amounts of Bitcoin due to robust client demand.

Moreover, whales in the Bitcoin market have been accumulating coins at a rapid pace. Recent data from the on-chain analytics platform Santiment shows a significant increase in BTC holdings among whales possessing between 1,000 and 10,000 BTC, further propelling the rise in Bitcoin's price.

Since the start of 2024, these key players have amassed an additional 266,000 BTC, equivalent to around 1.24% of the total Bitcoin supply. Simultaneously, there is a noticeable uptick in investor sentiment, characterized by a strong fear of missing out (FOMO) among market participants.

BTC Price Outlook

Despite the substantial accumulation by Bitcoin whales, the short-term outlook for BTC appears uncertain. Noted cryptocurrency analyst Ali Martinez has highlighted a significant development in Bitcoin's price movement.

Martinez pointed out that the TD Sequential indicator recently issued a sell signal on the 12-hour chart, coinciding with Bitcoin facing resistance at the midpoint of a parallel trading channel. Given the historical accuracy of this indicator, investors are advised to exercise caution, especially if Bitcoin's price drops below the critical support level of $65,500.

Additionally, Bitcoin's monetary inflation rate has fallen below that of Gold. Therefore, based on the stock-to-flow thesis, Bitcoin is expected to surpass Gold's market cap. Bitcoin analyst Willy Woo commented on this, stating: "In my opinion, BTC will take 5-10 years to catch up to its S2F valuation; the world doesn't move swiftly. Custody infrastructure, regulations, trading instruments, and asset manager acceptance all require time."