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As the price of bitcoin consolidated just above the $ 30,000 handle, on-chain data shows that when the price fell to $ 28,800, bitcoin whales bought the decline. Statistics from Glassnode’s web portal show that the number of addresses with over 1000 bitcoins has increased after hitting low prices.
The number of addresses containing 1000 Bitcoin peaks
According to onchain statistics, bitcoin whales with a balance of over 1000 bitcoins are growing and the recent drop in the BTC price has helped strengthen the metric. A few days before the plunge into the $ 28,000 area, BTC prices hovered between $ 35,000 and $ 38,000 in USD. The drop to $ 28,800 per bitcoin on Thursday was the smallest price drop so far this year. But the decline did not last very long, and statistics from Glassnode show that the number of addresses with more than 1,000 bitcoins has increased significantly.
#Bitcoin the whales bought the dip. pic.twitter.com/sviiiQyNSV
– Document Bitcoin đź“„ (@DocumentBitcoin) January 16, 2021
A number of analysts on social media platforms have spoken about the growth of whales (over 1,000 BTC holders) after the price drop allowing them to collect as many units as possible.
“Oh look”, researcher Willy Woo tweeted. “Suddenly there is a whole bunch of newly struck whales…. 1000BTC / $ 32 million BTC holders. I see more whales coming in on this dive, ”Woo added.
The promoter of bitcoin further wrote:
The coins leave the market for very strong holders, those who continue to accumulate without selling.
Double-Dipping and the Bitcoin Rich List
The metric of over 1,000 BTC whales fell at the end of 2020, but has been rising since the last two price drops. For example, on January 10, 2021, the crypto markets suffered heavy losses and the price of bitcoin fell by over 25% in 24 hours. Similar to the last price drop on Thursday, by that time bitcoin whales with addresses with more than 1,000 bitcoins had surged in numbers.
The most recent drop and whales recovering bitcoin from weak hands also follows the purchase of BTC reserves announced by Microstrategy. The company revealed this week that it bought the drop, buying an additional 314 bitcoin for $ 10 million in cash.
Statistics from the Bitcoin Rich List or bitinfocharts.com’s 100 richest addresses show that there was a deep build-up on Thursday. Data currently indicates that there are 13,780 addresses that contain between 100 and 1,000 BTC in a single address.
Additionally, there are 2,345 unique bitcoin addresses containing 1,000-10,000 coins at the time of publication. There are only 100 colossal-sized whales (10k to 1 million BTC) in the crypto-economy and a single address with 100,000 to 1,000,000 BTC today.
What do you think of the Bitcoin whales accumulating more coins during the last two price drops? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Willy Woo, Twitter,
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