The growth in the number of Bitcoin whaleswhales is slowing, according to crypto metrics site Glassnode.
In a “The Week On-Chain” report, published today, Glassnode showed how the growth of the number of Bitcoin entities—clusters of addresses that Glassnode assumes are controlled by the same person or organization—holding more than 1,000 Bitcoin ($11 million) slowed down all throughout September.
Things were going well all year for whales—entities holding more than 1,000 Bitcoin has “has been growing consistently, showing trends similar to 2012 and 2014-15,” said Glassnode in its report. But things turned sour these deep-pocket Bitcoin holders in September, when growth slipped. The last time the number of Bitcoin whales has steadily decreased was in the last quarter of 2019.
So, what does all of this for the Bitcoin market? Glassnode said that, “contrary to popular sentiment which says that sell pressure from whales drives the price down,” this is good for Bitcoin.
Looking at data since 2010, Glassnode identified the following trend: “The start of a decline in the number of BTC whales has often signified increased interest from retail investors and the beginning of a run up to a market top.”
So, good news! While the number of whales are only beginning to decline, this still “may signify the beginning of another bull run.”
The number of #Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months.
An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.
Is this true? Looking at the data that Glassnode uses to support this theory...sometimes. It shows that declines in the number of accounts holding more than 1,000 Bitcoin is often associated with price rises thereafter, when using a logarithmic scale.
That said, a Bitcoin “whale” has meant different things over the years. A whale, as defined by Glassnode's metric for a whale, today describes entities with $11 million in their wallet. Back in 2011, that whale controlled about $200.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Crypto asset manager 21Shares applied for an exchange-traded fund tracking the price of Sui, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.
The 21Shares Sui ETF aims to broaden investors’ access to the native token of the layer-1 network designed for high-speed transactions, which has been dubbed by some as a “Solana Killer.”
The filing named Coinbase as a custodian to safeguard investors’ funds, according to the registration statement, but did not specify...
New CertiK estimates suggest about $364 million was lost through crypto hacks, scams and exploits in April alone.
The cybersecurity firm says the vast majority of this total, $337 million, is related to phishing attacks.
#CertiKStatsAlert 🚨
Combining all the incidents in April we’ve confirmed ~$364M lost to exploits, hacks and scams after ~$18.2m was returned.
KiloEx, Loopscale and zkSync all had funds returned by whitehat exploiters.
~$337M of the total is attributed to phishing.
More… pic.tw...
Anthony Pompliano, a high-profile crypto investor and social media personality, is looking to take his influence public—literally.
ProCap Acquisition Corp., a blank-check company led by Pompliano, filed paperwork with the U.S. Securities and Exchange Commission on Wednesday to raise $200 million in an initial public offering.
The company plans to trade on Nasdaq under the ticker “PCAPU,” with each $10 unit comprising a Class A ordinary share and one-third of a warrant.
Bitcoin Rewards App Fold...
