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Recently the market crash has brought a lot of unusual changes in the crypto space including the growth in the number of heavy bitcoin wallets
The prominent cryptocurrency and blockchain data and intelligence provider platform Glassnode has been consistently aggregating different reports across the crypto space. Recently it has reported massive bitcoin withdrawal that led to total holdings of bitcoin decreasing to its lowest since 2018. Now the analytics agency reported that those bitcoin wallet addresses having about 10K bitcoin (BTC) have seen significant growth and now they are about a hundred in total.
It has been seen recently and also reported several times that bitcoin miners or bitcoin mining companies, who are generally known to have such a large amount of bitcoin holdings, have been facing losses and kept on selling their bitcoins. After-sale of their bitcoin, these companies are somehow able to reach a break-even point recovering their losses, paying their debt, and also covering other infrastructural expenses.
This instance was considered normal until it was reported that during the same time when bitcoin miners were selling their bitcoins, large crypto wallets or whales were actively buying bitcoin. This can be seen as the statistics show that such wallets having from 10 bitcoins (BTC) to 10,000 bitcoins have seen significant growth in the last couple of weeks.
Such reports brought the fact that those addresses have increased in number since February 2022, that contain about or more than 10,000 bitcoin. While at the time of writing, considering the current price of bitcoin at $21,419.10, the total price of 10,000 bitcoin would cost around $214,191,000.
Many known and prominent names in the bitcoin mining space including Riot Blockchain, Marathon Digital Holdings, Core Scientific, and many others have reported selling their bitcoin in huge amounts from their BTC holdings, in order to mitigate the risks of liquidations, maintain cash flows and such other reasons.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
