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Recently, the number of Bitcoin whales holding 10,000 or more BTC has increased. Both the 1k+ and 10k+ BTC holders have seen some growth recently, as an analyst observed in a CryptoQuant post.
Whales are Bitcoin holders that have 1,000 BTC or more, and their actions can significantly affect the price of the cryptocurrency.
Whales are holding tight
According to data, the number of Bitcoin users who have 10k+ BTC has increased recently, indicating whales’ accumulation.
Every wallet on the network is examined to identify how many have between 1,000 and 10,000 Bitcoins and how many hold more than 10,000 Bitcoins. This information is a significant indication of this situation. It appears that 10k BTC owners have recently seen a fairly strong gain.
According to the graph above, the number of Bitcoin whales holding more than 10,000 BTC has increased even though the value of the cryptocurrency has been falling since November of last year.
On the other hand, until May, when the 10k BTC whales started to sag down a little and the 1k+ holders started to spike up, the holders of 1k+ BTC were primarily on a sideways trend. As a result, the former group may have sold part of their supplies, dropping into the 1k to 10k range.
However, shortly following this rise, the 1K+ BTC whales started to decline, while the 10K ones saw a sharp rise. There could be two causes for this pattern. First, several of the owners of 1k+ BTC sold some of their stock, causing their wallets to fall below the 1k limit.
Second, many of the remaining holders chose to purchase more items and fell within the $10k+ group. These two would represent a decrease from the 1 000+ whale count.
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.
