‘Bitcoin Rich List’ Rebounds to Hit All-Time High

‘Bitcoin Rich List’ Rebounds to Hit All-Time High

The number of addresses with more than 1,000 Bitcoin (worth around USD 37.5 million at current price) is now 2,334, a new all-time high after the number fell by 3.7% to 2,221 at the end of December. This is an indication that “whales” (large Bitcoin holders) have bullishly amassed more Bitcoin and pushed the price up.

The 2,334 addresses, each with more than 1,000 Bitcoin, represent an increase of more than 30% from the end of 2017, the high point of the previous crypto bull market, according to Glassnode, an on-chain data site. The metric has been on the rise since mid-October 2020 but had to temporarily drop 4% between December 18 and 26.

“The decline and renewed increase at the end of December show a relatively low level of interest in profit-taking from these large owners, although almost all holdings are currently making profits,” according to the quarterly review report published by CoinDesk Research on January 7th.

Data from BitInfoCharts also shows that there are 6,633 addresses that contain bitcoin worth more than $ 10,000,000. According to Crypto Exchange Kraken’s December 2020 Market Review and Forecast Report, Bitcoin addresses with more than 100 Bitcoin have accumulated a total of 47,500 Bitcoin (currently $ 1.8 billion) due to the price recovery in December.

At the time of going to press, Bitcoin was priced at $ 38,290 just moments after breaking the $ 40,000 mark for the first time. It only passed the $ 36,000 mark for the first time the day before. The total value of the entire crypto market also passed the $ 1 trillion landmark on Wednesday.

“While the 2017 Bitcoin rally was largely driven by the retail hype, the 2020 rally was mostly institution-driven,” according to the CoinDesk Research report. “The accelerating pace of large institutional investors publicly speaking about investing in Bitcoin as a portfolio asset has not only confirmed Bitcoin’s role in portfolios. it has also caught the attention of other investors. This self-reinforcing loop is expected to continue through 2021, especially given the mounting uncertainty surrounding currencies and inflation. “

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