The number of addresses with more than 1,000 BTC in their wallet (often referred to as “the whale”) rose to about 2.88. The increase began shortly after the price of Bitcoin dropped to $ 3,600 in March.
The data shows big investors ‘ belief that a new bull market will emerge on the back of aggressively accumulating BTC.
Data on the chain raises optimism for Bitcoin
Whales go after areas of high liquidity to buy large amounts of Bitcoin. That’s why whales sell quickly when they believe the BTC price is at its peak. This causes the number of large addresses holding BTC to fall.
As an example, after the price of Bitcoin reached $ 20,000 in early 2018, the number of Bitcoin addresses worth 1,000 BTC (about $11 million) fell to levels not seen since 2014.
Another in-chain data, not limited to whales, shows that investors typically accumulate more Bitcoin than before. Glassnode found that addresses that have spent no BTC for the past seven years have increased significantly since 2018. he wrote the following:
“There are more than 500 thousand addresses that have accumulated Bitcoin. These purses hold 2.6 million BTC (about 14 percent of the total amount). More than two funds were entered in to these addresses, they never spent BTC, they never traded. Over 7 years. miners included. “
While both data points are considered an upward trend, it is worth noting that they have been steadily rising over the past decade.
It is difficult to determine whether this data is going well for BTC’s short-term price cycle. But it certainly points to a healthy long-term growth trend for Bitcoin.
