Although the price of bitcoin has consolidated just above the $ 30,000 mark, onchain data shows that when the price dropped to $ 28,800, bitcoin whales bought the decline. The Glassnode portal statistic shows that the number of addresses with more than 1,000 bitcoin increased after reaching the price bottom.
The number of addresses with 1,000 Bitcoin Spikes
According to onchain statistics, bitcoin whales with a balance of more than 1,000 bitcoins are growing and the recent drop in BTC price helped boost the metric. A few days before the fall to the $ 28k zone, BTC prices were falling between $ 35k and 38k in US dollars. The drop to $ 28,800 per bitcoin on Thursday was the smallest price drop so far this year. But the drop did not last long and Glassnode statistics show that the number of addresses with more than 1,000 bitcoins has increased significantly.
#Bitcoin the whales bought the dive. pic.twitter.com/sviiiQyNSV
– Documenting Bitcoin 📄 (@DocumentBitcoin) January 16, 2021
Several analysts on social media platforms talked about the growth of whales (more than 1,000 BTC holders) after the price drop allowed them to get as many units as possible.
“Look,” researcher Willy Woo tweeted. “Suddenly there are a lot of newly whaled whales … holding 1000BTC / $ 32 million BTC. I am seeing more whales arriving on this dive, ”added Woo.
The proponent of bitcoin even more I wrote:
Currencies are leaving the market for very strong holders, who accumulate without selling.
Double-Dipping and the Bitcoin Rich List
The metric of more than 1,000 BTC whales dropped slightly in late 2020, but has increased since the two most recent price drops. For example, on January 10, 2021, the crypto markets suffered heavy losses and the price of bitcoin fell by more than 25% in 24 hours. Similar to the last price drop on Thursday at that time, the number of bitcoin whales with addresses over 1,000 bitcoin has increased.
The most recent fall and whales taking bitcoins from weak hands also follow the purchase of BTC reserve announced by Microstrategy. The company revealed this week that it bought the dip, buying an additional 314 bitcoins for $ 10 million in cash.
Statistics from the ‘Bitcoin Rich List’ or the 100 richest addresses on bitinfocharts.com show that there was a big buildup on Thursday. The data currently indicates that there are 13,780 addresses that maintain between 100 and 1,000 BTC in a single address.
In addition, there are 2,345 unique bitcoin addresses containing 1,000 to 10,000 coins at the time of publication. There are only 100 colossal-sized whales (10k to 1 million BTC) in crypto-economics and only one address with 100,000 – 1,000,000 BTC today.
What do you think of bitcoin whales accumulating more coins during the last two price drops? Let us know what you think about this in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Willy Woo, Twitter,
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