Bitcoin Whale Population Hits New High After Adding $6 Billion so Far This Year
The number of bitcoin addresses that hold over 1,000 BTC – worth over $34.4 million – has hit a new all-time high after this year alone adding in another 164 new whales, which represent $6 billion worth of the flagship cryptocurrency.
According to data from on-chain analytics firm Glassnode, there are nearly 2,440 bitcoin whales with over 1,000 or more BTC in their wallets at press time. In comparison, the figure slightly below 2,000 in November of last year.
It’s worth noting that it isn’t known whether there are over 2,400 entities with 1,000 or more BTC, or whether large entities hold large portions of their holdings in separate addresses or clusters of addresses with over 1,000 BTC. Because of the network’s pseudonymity, it’s easy for a whale to create multiple addresses to spread its holdings.
The number of bitcoin whales has hit a new all-time high at a time in which the price of BTC is trading above $34,000, after falling from a new all-time high near $42,000. Bitcoin’s price surge started late last year thanks to growing adoption.
In October, PayPal announced a new service letting users buy, sell, and hold cryptocurrencies on its platform which likely led to growing demand. Companies like MicroStrategy, MassMutual, Square, and One River have invested billions into BTC, which further increased demand.
The addition of 164 new whale addresses shows that despite BTC trading at new highs this year, whales have kept on buying the flagship cryptocurrency. Bitcoin’s bull run appears to be stalling and while some analysts claim pullbacks are healthy, others point to a make or break scenario.
As reported, based on Fibonacci retracement levels some analysts have argued BTC’s next move could make or break the cryptocurrency’s bull run. Bitcoin’s volatility, meanwhile, has reportedly helped Etheruem hit a new all-time high.
Featured image via Pixabay.
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