Onchain data shows Bitcoin whale index rising to beat 4-year high – Bitcoin News

Onchain analyzes by the research and analysis company Glassnode show that the number of Bitcoin whales (addresses with at least 1,000 Bitcoins) has exceeded 1,900 clusters. The number of network participants in relation to 1,000 coin whales has not been that high since 2016.

The seven-day statistics for the number of whales (addresses with balance balance $ 1,000) increased by 2% according to statistics from Glassnode. This means that the number of large BTC holders (1,940 clusters ≥ $ 1,000) has risen sharply since the recent announcement of PayPal crypto support.

Onchain data shows Bitcoin whale index rising, surpassing 4-year highAddresses with a balance ≥ $ 1,000 hit a four-year high this weekend. The last time the Bitcoin Whale Index (≥ $ 1,000) was this high was in September 2016, just before the 2017 bull run began.

The rise in BTC whales suggests that a number of investors believe the price will rise in the future. On October 22, 2020, well-known Bitcoin analyst Willy Woo tweeted about data showing that there are more than 23 million active holders today.

“Data source for 23.4 million active [holders]: Cumulative sum of the net growth of companies, this takes into account [holders] come in minus [holders] that are completely left over (zero coins in their wallets), ”said Woo.

Onchain data shows Bitcoin whale index rising, surpassing 4-year high

Onchain data and blockchain analyzes from bitinfocharts.com show that the number of Bitcoin whales with 1,000 to 10,000 BTC at a single address has increased significantly. On February 25, 2019, there were 1,709 addresses with 1,000 to 10,000 BTC and this metric rose by 24.28% to 2,125 addresses.

Interestingly, the number of addresses with 100 to 1,000 BTC dropped from 14,749 to 13,869 addresses today. Oddly enough, the 100,000 to 1,000,000 BTC addresses dropped from five to one.

The statistics of the “Top 100 Richest Bitcoin Addresses” from bitinfocharts also show that six exchanges with cold wallets are represented in the top 20 addresses.

Huobi has the largest balance at 203,502 BTC at a single address. Huobi’s cold wallet address, number 1 on the rich list, represents 1.10% of the bitcoins in circulation. Exchange wallets from Coinbase, Binance, Bitfinex, Bittrex and also a smaller Binance cold wallet followed.

Data from May 1, 2020 shows that there were only 2,002 addresses with 100,000 to 1,000,000 BTC, meaning 123 whales have since joined the fight.

While the price of Bitcoin (BTC) has increased this month, a number of proponents have noticed the accumulation of whales. Venture Coinist podcast host Luke Martin caught the trend in the first week of October.

“A rising Bitcoin Whale Index was a leading indicator for the $ BTC price and the bull markets. It is currently climbing to new highs, ”tweeted Martin.

What do you think of the recent increase in whales this month? Let us know what you think on this matter in the comments below.

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