While the price of Bitcoin has consolidated just above the $ 30,000 handle, onchain data shows that Bitcoin whales bought the dip when the price fell to $ 28,800. The statics of the Glassnode web portal show that the number of addresses with more than 1,000 Bitcoin has risen after the price low.
The number of addresses with 1,000 bitcoin spikes
Bitcoin whales are growing with a balance greater than 1,000 Bitcoin, according to onchain statistics, and the recent drop in BTC prices has helped bolster the metric. A few days before falling into the $ 28,000 zone, BTC prices hovered between $ 35,000 and $ 38,000. The drop to $ 28,800 per bitcoin on Thursday was the lowest price drop so far this year. The slump didn’t last long, however, and the Glassnode statistics show that the number of addresses with more than 1,000 Bitcoin has increased significantly.
#Bitcoin whales bought the dip. pic.twitter.com/sviiiQyNSV
– Documentation of Bitcoin ? (@DocumentBitcoin) January 16, 2021
A number of analysts on social media platforms spoke about the growth of the whales (over 1,000 BTC holders) after the drop in prices allowed them to scoop up as many units as possible.
Glassnode data shared by researcher Willy Woo showing Bitcoins may get into stronger hands from the market.
“Oh look,” tweeted researcher Willy Woo. “Suddenly there are a number of newly minted whales…. 1000BTC / $ 32M BTC holders. I see more whales in this bath, ”added Woo.
The Bitcoin advocate went on to write:
Coins move from the market to very strong holders who keep accumulating without selling.
Double-Dipping and the Bitcoin Rich List
The metric of more than 1,000 BTC whales declined in part in late 2020 but has increased since the two most recent price cuts. For example, crypto markets suffered heavy losses on January 10, 2021, and the price of Bitcoin fell more than 25% in 24 hours. Similar to the last price drop on Thursday, the number of Bitcoin whales with addresses with more than 1,000 Bitcoin had risen by this time.
Glassnode statistics showing the number of addresses with an account balance of 1k BTC or more.
The recent fall and whales scooping bitcoins out of weak hands also follow the purchase of the BTC reserve announced by Microstrategy. The company announced this week that it had bought the dip by buying 314 more bitcoins for $ 10 million in cash.
Statistics from the ‘Bitcoin Rich List’ or the 100 richest addresses from bitinfocharts.com show that there was a deep piling on Thursday. Data currently shows that there are 13,780 addresses that contain between 100 and 1,000 BTC in a single address.
In addition, at the time of publication, there are 2,345 unique Bitcoin addresses with 1,000 to 10,000 coins. In the crypto-economy there are only 100 colossal whales (10,000 to 1 million BTC) and today only one address with 100,000 – 1,000,000 BTC.
What do you think of Bitcoin whales that have amassed more coins in the last two price drops? Let us know what you think on this matter in the comments section below.
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Photo credit: Shutterstock, Pixabay, Wiki Commons, Glassnode, Willy Woo, Twitter,
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