9 C
September 25, 2020
Image default

Whales still accumulate BTC, even after halving Blocksats

The latest data indicate that the number of whales (with more than 1,000 BTC) increased last year by almost 9%. Interestingly, even after the end of the third halving, whales still accumulate bitcoins. This is contrary to their historical activities.

The whales accumulate BTC again

Data shared by the market monitoring company – Glassnode, show the number of whales above 1000 BTC over the past year.

The number of BTC portfolios containing more than 1,000 BTC remained a year ago at around 1,725, and fell below 1,675 at the end of July 2019. Almost immediately after this hole, the level of whale accumulation began to increase.

As can be seen in the chart above, the massive increase in the number of whale wallets in August 2019 coincided with an increase in the price of Bitcoin, from below 10,000. dollars to almost 12 thousand dollars.

Whale behavior became relatively stable in the following months, before BTC accumulated again in mid-February 2020. Since then, cetaceans constantly accumulate bitcoins and, interestingly, they were not even deterred by the price collapse that took place in mid-March.

What is the difference between 2020 and 2016?

Whales have shown similar behavior before. In 2016, the number of portfolios with more than 1,000 BTC were up in 18 months. It was the largest such increase in bitcoin history.

Four years have passed since then, and the number of whales has started to increase rapidly again.

In July 2016, the second-ever halving took place, and in May 2020 – the third. Historically, this event was the catalyst for the BTC price, so it can be presumed that the increasing number of whales was due to the expected price increase.

However, there is a noticeable difference between their behavior now and four years ago. Soon after halving in 2016, whales began selling their assets. Data from Glassnode now shows the opposite. The number of fat wallets is still growing, even though halving took place over a month ago.

It is worth noting that after halving in 2016, the so-called the “capitulation” stage took place several months later – when bitcoin reached its peak of $ 20,000. It is possible that whales are not selling their BTC now because the price has not yet reached the appropriate level.

Related posts

A film about the Winklevoss brothers will be created Blocksats

Aparnna Hajirnis

3 reasons to believe in Bitcoin stabilization after recent fall

Anupreet Kaur

There are already over 10,000 in the world. bitomats |

Aparnna Hajirnis

Leave a Comment