In brief
With $BTC's recent price increase, the number of #Bitcoin addresses holding at least $1,000,000 USD has surged by ~38% to around 18,000.https://t.co/akRiFpAg7q pic.twitter.com/fcoOcHtAPh
— glassnode (@glassnode) July 29, 2020
$84,463.00
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-1.69%Reading
The number of Bitcoin whales has hit 18,000 after a sudden increase in the last few days. A Bitcoin whale, in this instance, refers to the number of accounts with more than $1 million of Bitcoin.
According to data provider Glassnode, the 40% surge coincided with the recent boost in the price of BitcoinBitcoin. After flatlining in the low $9,000s for weeks, Bitcoin’s price suddenly broke $10,000—and then $11,000—in a matter of days.
With $BTC's recent price increase, the number of #Bitcoin addresses holding at least $1,000,000 USD has surged by ~38% to around 18,000.https://t.co/akRiFpAg7q pic.twitter.com/fcoOcHtAPh
— glassnode (@glassnode) July 29, 2020
Since this is based on blockchain data, it doesn’t necessarily mean that there are now 16,000 Bitcoin millionaires. It just refers to the number of accounts that contain at least $1 million worth of Bitcoin, whether they are exchange accounts (looking after other people’s money) or multiple accounts owned by the same people.
The price action is the main reason behind the increase. Since it’s a measure of the amount of fiat value in these Bitcoin addresses, when the price went up, it nudged many addresses into the $1 million mark.
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