In the volatile and uncertain environment of 2020, it may be surprising to many that the number of Bitcoin whales has continued to grow steadily since January. However, Glassnode recently reported that BTC whales have indeed increased.
Bitcoin whales and their growth in 2020
According to Glassnode, there are at least 1882 addresses with at least 1000 BTC. It should be noted that the last time this figure was so high was in September 2017. That is, just when BTC was on its rapid rise to $20,000.
Besides, if we add to this the fact that the first time we saw so many whales was in March 2016, we will see how interesting it is. At that time, Bitcoin was still under US$ 420.
That is, from that time until today BTC has increased. It now costs more than 20 times what it did then, and the whales are still growing. This implies that in one way or another the whales are richer than before.
The Bitcoin whales are stockpiling?
What can we conclude from this increase in the number of BTC whales?
The price of BTC is now more than 20 times higher than when we saw so many whales in 2016, which would imply that whales have more wealth.
However, Glassnode noted in his report that the average balance of each whale has decreased during this period. Thus, the whales actually have less BTC now than in 2016 and less wealth (in terms of USD) than in 2017.
What makes up for this somewhat is that the price of Bitcoin maintains price swings that may be useful to some new investors.
For example, those who had the opportunity to enter the market in March during the fall known as „Black Thursday“, have already doubled their investment today. With the same amount of BTC.
Also, recently a particular trend has been noticed by the whales. During the first week of June there was a marked accumulation, while the following week the movements of BTC by these whales decreased in frequency and amounts, of which not many were for sale.
This implies that these whales that have been accumulating for months, perhaps influenced by the expectations generated around Immediate Bitcoin Halving, continue to operate but with hopes of profit in the medium term.
After all, many experts have commented that this Halving would have effects in a more gradual way than the previous two.