Fun

Bitcoin Whales Grow After Price Bottoms, Analyst Says ‘Coins Are Moving to Very Strong Holders’

News Feed - 2021-01-24 09:01:09

Bitcoin Whales Grow After Price Bottoms, Analyst Says "Coins Are Moving to Very Strong Holders"


While the price of bitcoin has been consolidating just above the $30k handle, onchain data shows that when the price dropped to $28,800, bitcoin whales bought the dip. Statics from Glassnode’s web portal shows the number of addresses with more than 1,000 bitcoin has spiked after hitting the price bottom. The Number of Addresses Holding 1,000 Bitcoin Spikes


According to onchain statistics, bitcoin whales with a balance of more than 1,000 bitcoin are growing and the recent BTC price drop helped bolster the metric. A few days before the drop to the $28k zone, BTC prices were coasting along between $35k to 38k in USD value. The drop to $28,800 per bitcoin on Thursday, was the lowest price drop so far this year. But the dip did not last very long and Glassnode stats show that the number of addresses with more than 1,000 bitcoin has increased significantly. #Bitcoin whales bought the dip. pic.twitter.com/sviiiQyNSV


— Documenting Bitcoin 📄 (@DocumentBitcoin) January 16, 2021



A number of analysts on social media platforms spoke about the whales (1,000+ BTC holders) growing after the price drop allowed them to scoop as many units as they could. Glassnode data shared by the researcher Willy Woo, which shows bitcoins may be moving off the market to stronger hands.


“Oh look,” the researcher Willy Woo tweeted. “Suddenly there’s a whole bunch of newly minted whales…. holders of 1000BTC / $32m of BTC. I’m seeing more whales coming in on this dip,” Woo added.


The bitcoin proponent further wrote: Coins are moving off the market to very strong holders, the ones that keep accumulating without selling. Double-Dipping and the Bitcoin Rich List


The metric of 1,000+ BTC whales dropped some at the end of 2020, but has been rising ever since the two most recent price drops. For instance, on January 10, 2021, crypto markets suffered heavy losses and the price of bitcoin dropped more than 25% in 24 hours’ time. Similar to the last price drop on Thursday, at that time, bitcoin whales with addresses with more than 1,000 bitcoin had jumped in number. Glassnode stats that show the number of addresses with a balance of 1k BTC or more.


The most recent drop and whales scooping up bitcoins from weak hands also follows the BTC reserve purchase announced by Microstrategy. The company revealed this week it had bought the dip, by buying 314 more bitcoins for $10 million in cash.


Stats from the ‘Bitcoin Rich List’ or bitinfocharts.com’s 100 richest addresses shows that there was some deep accumulation on Thursday. Data currently indicates that there are 13,780 addresses that hold anywhere between 100 to 1,000 BTC in a single address.


Further, there are 2,345 unique bitcoin addresses holding 1,000 to 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 only one address with 100,000 – 1,000,000 BTC today.


What do you think about bitcoin whales accumulating more coins during the last two price dips? Let us know what you think about this subject in the comments section below. Premium on Grayscale"s GBTC Drops as Reports of New Trusts Emerge: Chinese Crypto Community Unhappy MARKETS AND PRICES | 1 day ago Bitcoin Near "Extreme Bubble" but Tesla More Vulnerable: Deutsche Bank Survey MARKETS AND PRICES | 2 days ago Tags in this story 1000 BTC, addresses, Bitcoin, Bitcoin (BTC), Bitcoin Whales, BTC, BTC Whales, Cryptocurrency, glassnode, Onchain stats, Whales, Willy Woo


Image Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Willy Woo, Twitter, Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

India’s Central Bank RBI Close to Digital Currency Decision as Paypal Exits Indian Payments Market
India"s Central Bank RBI Close to Digital Currency Decision as Paypal Exits Indian Payments Market The Reserve Bank of India (RBI) is actively working on a digit
Tom Mitchelhill6 hours agoOyster Protocol founder gets 4 years jail for $5.5M tax evasion31-year-old Oyster Protocol founder Amir Bruno Elmaani — aka “Bruno Block” — has been sentenced to four years imprisonment
Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies
Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa"s Top 15 Currencies In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by
David Attlee10 hours agoExistential threat? Why some banks are anxious about CBDCsThe prospect of a retail CBDC has some major banks anxious over their revenue streams.638 Total views11 Total sharesListen to article 0:00
Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles
Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles The MLM monitoring publication behindmlm.com revealed on Dec. 1 that the infamous Ponzi scheme Onecoin’s website
China Introduces Digital Yuan Payments in Ningbo Subway, Guangzhou Buses
China Introduces Digital Yuan Payments in Ningbo Subway, Guangzhou Buses Authorities in two Chinese cities are promoting the digital yuan as a payment method in the public transpor
Hermi De Ramos12 hours agoAbu Dhabi grants virtual asset firm M2 permission to offer crypto servicesThe M2 platform will launch later in 2023, allowing UAE-based retail and institutional clients to buy, sell and custody
Derek Andersen11 hours agoQuantstamp introduces tool to detect protocols’ flash loan attack vulnerabilityThe new service, called Economic Exploit Analysis, uses University of Toronto research and will work on any EVM-c
Bitcoin Finds Support At $94.5K As STH Realized Prize Signals Strength
Este artículo también está disponible en español. Bitcoin has faced a volatile week, with sharp moves above and below the pivotal $100,000 mark, but the price still strug
On-chain data — The missing link in Web3 advertising
Gareth Jenkinson10 hours agoOn-chain data — The missing link in Web3 advertisingWeb3 advertising platform Addressable is tapping into AppsFlyer’s mobile analytics to improve marketing for mobile applications.292 Tota
Turner Wright4 hours agoUS House Financial Services Committee leadership takes opposing sides on the PayPal stablecoinRep. Maxine Waters said she was “deeply concerned” about PYUSD without a proper regulatory framewo
Gareth Jenkinson12 hours agoTether authorizes $1B USDT to ‘replenish’ Tron networkBlockchain trackers flag $1-billion “authorised but not issued” USDT mint at Tether’s Treasury; CTO Paolo Ardoino clarifies hold