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Bitcoin Whales Multiply Despite Market Correction


In brief

  • More and more Bitcoin whales are seeing their wealth increase, according to new data from Glassnode.
  • The metric appears uncorrelated to price, at least for now.
  • Meanwhile, the number of Ethereum whales is falling.

Whales Ho!

The number of Bitcoin addresses holding at least 1,000 Bitcoin (over $37 million, at today’s price) is now 2,425, according to blockchain data provider Glassnode. 

It’s another all-time high for the metric, which continues to set new records each day.

This means that there are more “whales” than ever surfacing from the briny depths. “Whales” are investors with a large amount of Bitcoin, so called for their power to influence the market; if whales dumped all of their Bitcoin at once, they could crash the market. 

But that big spenders are doubling down on their Bitcoin holdings suggests they think the price will increase. 

This is why the crypto community rallies around profligate institutional investors and influencers such as “Matey” Michael Saylor, who when on land moonlights as the CEO of US business intelligence firm MicroStrategy, “Salty” Anthony Scaramucci, co-founder of SkyBridge Capital, and MassMutual, a limpet that controls billions of dollars. 

Combined, these large institutions buy up so much Bitcoin that they increase demand for the coin.

So strong is the mythos around whales that there are even Bitcoin sea shanties, cobbled together by the most seasoned sailors, lost souls so lured by sirens that they can no longer distinguish between sleep and waking life. 

And while whales proliferate, the price of Bitcoin remains somewhat rocky. The asset soared to over $41,000 earlier this month, before crashing against the shore, losing about 20% of its value overnight

According to Glassnode, some whales, at least, remained undeterred. While Bitcoin sank to the sea floor, few whales sold off their holdings. And as Bitcoin bounced back, the number of Bitcoin whales continued to rise, increasing from about 2,370 to its current ATH, 2,425. 

Ethereum Whales Rise

Meanwhile, the number of addresses holding at least 1000 ETH (about $1.2 million) is steadily falling: it was 6,985 last night, down from 7,007 the day before.

This, too, appears uncorrelated to price—Ethereum sits at $1,224, up around 2% in the past 24 hours. Ethereum’s price has grown significantly since the start of the year and continues to approach its all-time high of $1,438.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.




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