Skip to main content

Onchain Data Shows Rising Bitcoin Whale Index Surpassing 4-Year High

Onchain Data Shows Rising Bitcoin Whale Index Surpassing 4-Year High

Onchain analytics from the research and analysis firm Glassnode shows that the number of bitcoin whales (addresses with at least 1,000 bitcoins) has surpassed 1,900 clusters. The number of network participants in terms of 1,000 coin whales hasn’t been this high since 2016.

Seven-day trailing statistics for the number of whales (addresses with balance ≥ $1k) has increased 2% according to statistics from Glassnode. This means the number of large BTC holders (1,940 clusters ≥ $1k) has increased a great deal since the recent Paypal crypto support announcement.

Onchain Data Shows Rising Bitcoin Whale Index Surpassing 4-Year High
Addresses with Balance ≥ $1k touched a four-year high this weekend. The last time the Bitcoin Whale Index (≥ $1k) was this high was September 2016 just before the 2017 bull run started.

The increase in BTC whales suggests a number of investors believe the price will jump higher in the future. On October 22, 2020, the well known bitcoin analyst Willy Woo tweeted about data that shows there are more than 23 million active holders today.

“Datasource for 23.4m active [holders]: Cumulatively sum net entity growth, this takes into account [holders] coming in minus [holders] that have left completely (zero coins in their wallets),” Woo said.

Onchain Data Shows Rising Bitcoin Whale Index Surpassing 4-Year High

Onchain data and blockchain analysis from bitinfocharts.com indicate that the number of bitcoin whales with 1,000 to 10,000 BTC on a single address has increased significantly. On February 25, 2019, there were 1,709 addresses with 1,000 to 10,000 BTC and that metric increased 24.28% to 2,125 addresses.

Interestingly, the number of addresses with 100 to 1,000 BTC dropped from 14,749 to today’s 13,869 addresses. Strangely enough, the addresses with 100,000 to 1,000,000 BTC dropped from five to one.

The stats from bitinfocharts’s “Top 100 Richest Bitcoin Addresses” also shows there are six exchanges with cold wallets represented in the top 20 addresses.

Huobi has the biggest balance with 203,502 BTC sitting in a single address. Huobi’s cold wallet address which holds the #1 position in the rich list, represents 1.10% of the bitcoins in circulation. This followed by exchange wallets from Coinbase, Binance, Bitfinex, Bittrex, and a smaller Binance cold wallet as well.

Data stemming from May 1, 2020, shows there were only 2,002 addresses with 100,000 to 1,000,000 BTC, which means 123 whales joined the fray since then.

While bitcoin’s (BTC) price has been appreciating this month a number of proponents have noticed the whale accumulation. Venture Coinist podcast host, Luke Martin noticed the trend during the first week of October.

“A rising Bitcoin Whale Index has been a leading indicator for $BTC price & bull markets. It is climbing to new highs right now,” Martin tweeted.

What do you think about the recent increase in whales this month? Let us know what you think about this subject in the comments section below.

The post Onchain Data Shows Rising Bitcoin Whale Index Surpassing 4-Year High appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/35BAsBc
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more