The number of investors holding an immense amount of Bitcoin is beginning to approach new levels which the crypto community hasn’t noticed since the earlier rally followed to around $20k.
In line with Glassnode’s ‘The Week On-Chain’ report for 15th June, there has been steady growth within the quantity of Bitcoin [BTC] whales – traders holding over 1000 BTC or above – since January 2020.
The cryptocurrency analytics site added that there are presently 1882 of these whales, numbers rivalling those in Sept 2017, when the price of the leading cryptocurrency Bitcoin [BTC] was starting its ascent to $20,000 USD. However, an equivalent number of whales held large amounts of Bitcoin in March 2016, when the price of BTC was under $420 USD.
“The price of BTC is now above 20x higher it had been when we first saw this many whales, implying that more wealth is being held by whales. However, the typical balance held by each whale has decreased within this era , such whales actually hold less quantity of BTC now than they had in 2016, and less wealth in terms of USD rather they had in 2017.”
Power To Manoeuvre Markets
As reported earlier in April, several Bitcoin whales are HODLers, not moving or cashing out their crypto assets for more than 5 years even when facing a market correction. Within the crypto bloodbath on 12th March, when the price of Bitcoin dropped to as low as $3,600 USD, many whales didn’t move their funds.
Moreover, whales still have the power to significantly impact the worth of Bitcoin. Just Yesterday, the worth of the cryptocurrency dropped below $9,000 USD for the primary time in weeks as BTC whales liquidated $30 Mln in longs on cryptocurrency exchange BitMEX and thereby sold their reserves at other exchanges.