- Bitcoin price climbed to $38,380, for the first time since May 2022, inching closer to its $40,000 target.
- Bitcoin could hit its bullish target if Tether whales fuel demand for BTC.
- Tether’s 100 largest addresses added $1.67 billion to their buying power in the last six months.
Bitcoin price crossed the $38,300 mark for the first time in eighteen months, as demand for BTC climbed steadily. Catalysts like anticipation of a spot Bitcoin ETF approval by the US financial regulator and rising demand from Tether whales, are likely driving BTC price higher.
Also read: If you like Bitcoin, buy Bitcoin: Jim Cramer admits to making profits from Bitcoin investments
Bitcoin price rally gathers support from Tether whales
Among the contributors to Bitcoin’s run up to $38,300, Tether whales emerged as prominent ones. Based on data from crypto intelligence tracker Santiment, the 100 largest Tether addresses added $1.67 billion to their holdings in the last six months. As the buying power of these stablecoin whales climbs, the probability of Bitcoin’s price rally to $40,000 increases.
To establish the relationship between Tether whales and Bitcoin’s price rally, Santiment highlights the two-week drop in whale USDT token holdings, alongside BTC run up to $38,300. Tether whales spent their stablecoins likely accumulating Bitcoin and fueling demand for the largest cryptocurrency.
During Bitcoin’s price dip in August, stablecoin whales accumulated BTC tokens, a bullish divergence appears on the chart below.
Tether whales likely drive Bitcoin price higher
Bitcoin price is in an uptrend that started in November 2022. BTC price is $37,795 on Binance, after BTC’s recent pullback from the local peak at $38,380. Bitcoin price eyes the $40,000 target, nearly 6% rally from the current level.
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