Bitcoin Whales Soar to 2021 Levels Will This Lead BTC to New ATH

Whale population reaches highest point in 3 years, holding nearly 4 million BTC&nbsp 
The growth rate of retail holdings is slow, but will this trend trigger a new ATH?
Bitcoin [BTC]
Whales, entities holding more than 1K coins, have increased in number in 2024, reaching levels seen in early 2021, just before the asset exploded to its previous cycle high of $69,000 
According to Glassnode data, as of October 23rd, the number of whales surpassed 1,660.
Regarding the surge in large BTC investors, Andre Dragosch, Research Director at Bitwise, wonders if this signals a possible new all-time high (ATH) 
“The total number of Bitcoin whales has just reached the highest level since January 2021! Is a new ATH on the horizon?”
In 2020, the whale count increased from over 1,650 to above 1,760. BTC then experienced a new ATH in the following year.
Whether the same trend will occur in 2024 remains to be seen 
Whale eyes 4 million BTC
According to CryptoQuant data, as of the time of writing, the total holdings of whales amount to 3.9 million BTC.
This is equivalent to $261 billion, nearly 20% of the BTC market’s size. Whale entities have increased by approximately 67 million BTC since mid-2023 
However, not all whale groups are accumulating heavily. According to Santiment data, in 2024, those holding 100,000 to 1 million BTC will be actively accumulating. Meanwhile, those with 1K-10K BTC have reduced their risk exposure 
But CryptoQuant analysts point out that overall, whales are accumulating more Bitcoin than their retail counterparts. They state:
“Since early 2024, the holdings of other larger investors (1-10K BTC holders) have been growing at a faster pace than those of retail investors. As of today, retail holdings have increased by 30,000 BTC, while other larger investors have accumulated 173,000 BTC.”
Santiment’s data shows that those holding less than 10 BTC have experienced slow growth in the past few months 
However, those with 100 to 1,000 BTC have increased their positions and market dominance from 19% to 20% 
Despite the slow growth rate of Bitcoin retail reserves, the overall trend has shifted towards a holding strategy, such as BTC accumulation balance 
Analysts believe that the above trend is a positive catalyst for BTC’s potential new ATH attempt, but this remains to be observed&nbsp