Bitcoin’s rich list is shrinking amid the ongoing price rally

Major Bitcoin investors sold some of their holdings as part of this year’s price rally, blockchain data shows. Support for recent retail buying signs has been a key factor in supporting the market.

According to data provider Glassnode, the number of unique addresses with more than 1,000 BTC has fallen by over 8% since Feb. 8.

“Whale addresses have sold,” tweeted market analyst Lark Davis. “That doesn’t mean the bull run is over. It just means that profit taking is taking place. ”

As of Wednesday, 2,275 addresses held at least 1,000 bitcoins, a decrease of more than 200 from the February 8 record high of 2,488.

A single person or an exchange can contain multiple addresses, which raises doubts about the numbers. It is possible that the increase or decrease in the number of addresses with at least 1,000 coins does not necessarily represent an equivalent inflow or outflow of large investors.

However, Bitcoin stayed on sale for the past 5.5 weeks, hitting new highs above $ 60,000, possibly due to increased retail involvement.

“Most of the price since the beginning of January was available at retail outlets, a fact supported by the [five times] There are more registrations with Binance compared to Coinbase, ”said Glassnode’s Uncharted newsletter on February 27th. Coinbase’s Coinbase Pro unit is aimed at larger, more discerning traders such as institutions and wealthy individuals.

The list of the rich grew between May 2020 and February 2021, when whales piled up the cryptocurrency heavily.

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