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The list of whales holding more than 1,000 BTC is shrinking, Coindesk said.
Specifically, according to Glassnode data, the number of addresses holding more than 1,000 BTC has dropped by more than 8% since Feb. 8 when whales took profits.
“Blockchain data shows that large investors sold a large amount of BTC when the coin first surpassed $ 60,000, retail buying was the main factor supporting the market,” according to Coindesk.
Market analyst Lark Davis tweeted: “Recently, aggregated data are showing that many whales have sold significant amounts of BTC. But this doesn’t mean the bull run is over, it just means the profit taking is happening. ”
Glassnode recorded on March 17 that there are 2,275 addresses holding at least 1,000 bitcoins, down more than 200 from the February 8 high of 2,488 addresses.
However, it should be noted that an increase or decrease in the number of hodl addresses above 1,000 BTC does not necessarily represent an equivalent outflow of money among large investors.
Although the number of addresses holding over 1,000 BTC has weakened compared to the past BTC price is still being consolidated near the $ 60,000 mark, thanks to the rise of institutional, hedge fund and retail investors.
In a report by Glassnode said: “The price of BTC since the beginning of January has been mostly driven by retail investors, indeed, an emphasized fact is the number of subscriptions above. Binance five times more than Coinbase“.
Meanwhile, on Coinbase Pro usually only serves investors with large capital, such as institutional or individual investors but must be rich.
The crypto whale list surged between May 2020 and February 2021 when cryptocurrency accumulation was very strong.
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