- Bitcoin investors are flocking like sea birds to the exchanges and converting BTC to fiat currency.
- Glassnode defines whales as someone who owns more than 1000 BTC or close to $9 million worth of bitcoin.
- The report also suggests the presence of 1800 BTC whales in the market indicating a bullish trend.
Bitcoin investors are flocking like sea birds to the exchanges and converting BTC to fiat currency. Glassnode defines whales as someone who owns more than 1000 BTC or close to $9 million worth of Bitcoin. The report also suggests the presence of 1800 BTC whales in the market indicating a bullish trend. In recent months, wealthy investors have diversified their investments and thus the average wealth of whales has decreased over time.
Market experts suggest that BTC could touch $12,000 not before some erratic trading. A few actions on behalf of these whales might swing the market in any direction. If a December 2017 report is to be believed, 40% of BTC was held by 1,000 investors itself.
BTC Accumulated During Black Thursday
The concentration of wealth has remained the same, however, more investors are holding more than 1000 BTC. Thus it is a positive sign for the digital currency market. The mean Bitcoin balance among the whales decreased. The bull market is expected by most of the whales in the market which is making them hold up BTC in large numbers.
Glassnode also pointed out that whales purchased BTC on 13th March 2020 where the price dropped below $4,000. The investments were liquidated from $1 billion futures contracts. A long term investment strategy is doing the rounds where cold storage is used as a medium. Furthermore, Bitcoin outflows from exchanges later that month spiked accounting for more than a 60% drop in Q1 2020.
Whales and Future of BTC
The price of BTC will continue to rise if the growth of whales continues. The BTC circulating supply decrease as whales increase. With the supply capped at 21 million BTC, there might be difficult times ahead for investors. The Black Thursday theory was widely used by investors to make a fortune for themselves. A medium-term bull run is expected and whales will ride the uptrend. The BTC held by whales has dropped 22% from 6.7 million to a paltry 5.2 million that has various signs for an outsider.