The number of investors who own a huge amount of Bitcoin is starting to approach levels that the crypt currency community has not seen since the crypt currency’s upward trend to $20,000.
According to Glassnode’s ‘The Week On-Chain’ report from June 15, there has been a steady growth in the number of Bitcoin whales (BTC), the traders who own 1000 BTCs or more, since January 2020.
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The site, which specializes in the analysis of cryptomonies, said that there are currently 1882 of these whales, numbers that rival those seen in September 2017, when BTC began its ascent to 20,000 dollars. However, the same number of whales had large quantities of Bitcoin in March 2016, when the price was less than 420 dollars.
“The price of BTC is now more than 20 times higher than when we first saw these whales, implying that the whales have more wealth. However, the average balance of each whale has decreased during this period, so the whales actually have less BTC now than in 2016, and less wealth (in terms of USD) than in 2017”.
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The power to move markets
Cointelegraph reported in April that many Bitcoin whales are HODLers, which do not move or cash in their digital assets for a period of at least about five years, even when they face a significant correction in the market. During the bloodbath of the cryptosystems on 12 March, when the price of BTC fell to $3,600, many whales did not move their funds at all.
However, the whales still have the ability to significantly impact the Bitcoin Profit price. On 15 June, the price of the crypt currency fell below $9,000 for the first time in weeks as BTC whales liquidated $30 million on one of the major crypt currency exchanges such as BitMEX, and sold their reserves on other exchanges.