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Number of Bitcoin ‘Whale’ Addresses at Highest Since Autumn 2016

number-of-bitcoin-‘whale’-addresses-at-highest-since-autumn-2016

Killer whales
(Bryan Goff/Unsplash)

Number of Bitcoin ‘Whale’ Addresses at Highest Since Autumn 2016

The number of bitcoin “whales” – large investors with an ability to influence market trends – has jumped to four-year highs alongside the recent price rally.

  • As of Sunday, the population of whale entities – clusters of addresses held by a single network participant holding at least 1,000 BTC – was 1,939, the highest since September 2016, according to data source Glassnode.
  • The whale entities metric increased by 2.2% last week, possibly adding to bullish pressures around bitcoin’s price.
  • The top cryptocurrency by market value rose by over 13% last week to register its best single-week performance since April.
  • The uptrend gathered steam on Wednesday after PayPal announced support for bitcoin and prices reached 13-month highs above $13,300 on Thursday.
glassnode-studio_bitcoin-number-of-entities-with-balance-%e2%89%a5-1-k-2

Bitcoin whale entities and price
Source: Glassnode
  • The number of whale entities has increased by more than 13% this year alongside a 20% rise in the U.S. dollar supply.
  • The data shows high net-worth individuals increasingly consider bitcoin a hedge against inflation, according to Willy Woo, an on-chain analyst and the author of The Bitcoin Forecast newsletter.
  • Several top public companies have recently disclosed bitcoin investments, providing a strong vote of confidence in the cryptocurrency’s future.
  • Hedge fund billionaire Paul Tudor Jones believes bitcoin’s rally has just begun.
  • As per the technical charts, the cryptocurrency is looking north, having cleared resistance with a weekly close (Sunday, UTC) above $12,500.
btc-weekly-chart-16

Bitcoin weekly chart
Source: TradingView
  • The focus now is on the June 2019 high of $13,800.
  • Bitcoin is trading near $13,160 at press time, up 0.75% on the day.
  • Disclosure: The author holds small positions in bitcoin and litecoin.

https://www.coindesk.com/number-of-bitcoin-whale-addresses-at-highest-since-fall-2016

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