The number of so-called whales or cyber entities with at least 1,000 BTC jumped to 1,678 at the start of the week, the highest level since January 2021, according to data tracked by Glassnode and André Dragosch, head of European research and head of Bitwise. The increasing holdings of large holders of bitcoin, coupled with the strong growth of alternative instruments (especially US-listed spot ETFs), indicate growing confidence in the bitcoin price outlook.