June 21, 2021

Bitcoin whales continue to accumulate despite BTC price holding above $50K

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The number of whale addresses holding Bitcoin (BTC) have hit a new all-time high, the latest data shows. This can be considered bullish, particularly as the price of BTC is showing staying power above  $50,000.

The increase in the number of whales indicate that high-net-worth investors are actively accumulating Bitcoin as the bull market continues.

Number of addresses holding $1m Bitcoin. Source: Glassnode

Why is the rising number of whales important?

During bull cycles, the price of Bitcoin could be at risk of a severe sell-off if whales begin to sell or take profit on large positions.

When this happens, it creates a massive downturn because the overleveraged futures market begins to fall, seeing cascading liquidations.

But when whales continue to accumulate, as the on-chain data shows, the foundation for an extended rally strengthens.

Analysts at Glassnode explained that there are now 94,000 BTC addresses holding over $1 million worth of Bitcoin. They said:

“ATH: There are now more 94,000 #Bitcoin addresses holding atTitle: Bitcoin whales continue to accumulate despite BTC price holding above $50K
Sourced From: cointelegraph.com/news/bitcoin-whales-continue-to-accumulate-despite-btc-price-holding-above-50k
Published Date: Thu, 18 Feb 2021 09:00:00 +0000