In brief

  • The number of Bitcoin addresses with more than $1 million in Bitcoin has increased by 40%.
  • This is due to the increase in Bitcoin price over the last week.
  • More Bitcoin is flowing back into exchanges too.

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.

Since this is based on blockchainblockchain 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.

Bitcoin trading on crypto exchanges. Image: Shutterstock

Bitcoin is pumping back into crypto exchanges. Here’s why

For the first time since January, more Bitcoin is flowing into crypto exchanges than is flowing out of them, according to data from a new report from Glassnode.  Using data up until July 19, Glassnode found that more Bitcoin has entered exchanges this month than has left it. This bucks the trend of more Bitcoin leaving exchanges than entering it.  That the trend is reversing is significant: In March, the month of the coronavirus-inspired market crash that cut the price of Bitcoin almost in half,...

NewsCoins
3 min read
Robert Stevens

This follows a trend reversal in the movement of funds to and from exchanges. As Decrypt reported last week, the trend switched as more Bitcoin started heading back into exchanges, rather than moving away from them.

Typically this is seen as a bearish sign, suggesting more traders might be wanting to sell. But for the price to jump up $2,000 in two days, someone has to be buying.

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