While the price of bitcoin has been consolidating slightly above the $ 30k handle, onchain data shows that when the price dropped to $ 28,800, bitcoin whales bought the dip. Statistics from the Glassnode web portal show the number of addresses with more than 1,000 bitcoin spiking after hitting the bottom of the price.
Number of Addresses Holding 1,000 Bitcoin Pins
According to onchain statistics, bitcoin whales with a balance of more than 1,000 bitcoin are growing and the recent fall in BTC prices helped strengthen the metric. Just days before the fall 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 fall so far this year. But the dip didn’t last very long and Glassnode’s 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
– Bitcoin Documentation đź“„ (@DocumentBitcoin) January 16, 2021
Several analysts on social media platforms talked about the whales (1,000+ BTC holders) growing after the price drop allowed them to capture as many units as they could.
“Oh look,” researcher Willy Woo tweets. “Suddenly there’s a whole bunch of whales that have just been mined…. holders of 1000BTC / $ 32m from BTC. I see more whales coming in on this dip, ”added Woo.
The bitcoin bidder further he wrote:
Coins move off the market to very strong holders, those who still accumulate without selling.
Double Immersion and Bitcoin Rich List
The metric of 1,000+ BTC whales dropped some in late 2020, but has been rising ever since the last two price reductions. For example, on January 10, 2021, crypto marketers suffered heavy losses and the price of bitcoin fell more than 25% in 24 hours. Similar to last fall in prices on Thursday, at that time, bitcoin whales with addresses with more than 1,000 bitcoin had jumped in number.
The most recent drop and whaling that grab bitcoins from weak hands is also following a BTC backup buyout announced by Microstrategy. The company revealed this week that it bought the dip, by buying 314 more bitcoins for $ 10 million in cash.
Statistics from the ‘Bitcoin Rich List’ or bitinfocharts.com’s 100 richest addresses show that there was a deep tremor on Thursday. Currently data shows that there are 13,780 addresses holding anywhere between 100 and 1,000 BTC in one address.
Further, 2,345 unique bitcoin addresses hold 1,000 to 10,000 coins at the time of issue. There are only 100 colossal 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 of bitcoin whales accumulating more coins in the last two price taps? 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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