Bitcoin whales are still holding strong and show no indications of selling jpg

Bitcoin whales are still holding strong and show no indications of selling

Bitcoin news, News

On-chain data reveals that Bitcoin whales are not utilizing the pump as a chance to sell their holdings, despite the fact that Bitcoin prices have increased by around 27% since the beginning of the year. This rally has caused Bitcoin prices to soar. This is a show of confidence, according to the opinions of some market experts, that the current advance marks the beginning of a bull market that will endure for a longer period of time.

Bitcoin Whales Show Confidence in Latest Rally as They Refuse

Since the beginning of December, the number of Bitcoin addresses that contain between 1,000 and 10,000 Bitcoins (also known as “whale addresses”) has stayed roughly stable at little about 1,900, according to statistics provided by the crypto analytics company Glassnode. The total number of shark bitcoin addresses, which can store anywhere from 100 to 1,000 Bitcoins, has remained relatively unchanged over the last several weeks. Glassnode estimates that there were around 14,000 of them at the time of their latest count.

There has been an increase in the number of fish and crabs.

Bitcoin bulls will be pleased to learn that two significant address cohorts have continued to accumulate the world’s largest cryptocurrency by market capitalization in recent weeks and at an accelerated pace since the collapse of FTX in early November. This is positive news for those who believe that bitcoin will continue to be the dominant cryptocurrency in the future. According to Glassnode, the number of Crab Bitcoin addresses (addresses that carry between one and ten Bitcoins) has increased from less than 760,000 before to the collapse of the FTX to near to 830,000 as of the previous week.

1674071837 110 Bitcoin Whales Show Confidence in Latest Rally as They Refuse

Over the same time period, the number of Fish addresses (which hold 10-100 Bitcoins) has jumped from around 135,000 to close to 140,000, near its record high.

1674071838 480 Bitcoin Whales Show Confidence in Latest Rally as They Refuse

This would imply that investors with medium to large amounts of Bitcoin 1) took advantage of the price drop caused by the implosion of FTX by purchasing Bitcoin at a discount, and 2) are not selling their holdings even as Bitcoin prices have recovered to the level they were at before the FTX implosion.

The Market Is Still Open to Minor Investors

Large and mega sized Bitcoin investors have demonstrated obvious and strong indicators that 1) they want to buy the dip, and 2) they do not want to sell into the rise in recent weeks and months. This indicates that 1) they want to buy the dip, and 2) they do not want to sell into the rally. But those who are optimistic about Bitcoin shouldn’t get too worked up just yet.

This is due to the fact that we have not yet seen the acceleration in the development of new Shrimp addresses (carrying less than one Bitcoin), which generally takes place when bull markets are in play. In point of fact, the number of Shrimp addresses has remained relatively constant around 42 million over the past few weeks, as indicated by data provided by Glassnode. This comes after the number of Shrimp addresses experienced a momentary spike to nearly 43 million in the immediate aftermath of the FTX collapse.

If this number starts to rapidly rise, as it did during periods of rapid Bitcoin price gain, such as during 2019 and late 2020 to early 2021, for example, that would signal that smaller retail investors are once again getting involved, which would be a bullish sign. If this number starts to rapidly rise, as it happened during periods of rapid Bitcoin price gain, such as during 2019 and late 2020 to early 2021, for example,

Compiled by Coinbold

BTC, FTX, NEAR, UST