The Number Of Bitcoin Whales Has Dropped To 2027, The Lowest Level Since 2019

Key Points:

• The number of Bitcoin wallets containing more than 1,000 BTC peaked in February 2021, yet there are already 2,027 whales.
• The so-called mega whales, or individuals that have more than 10,000 BTC, don’t exhibit the same tendency.

The number of Bitcoin giant whales has dropped to the lowest level since 2019.

According to statistics from the blockchain analysis company Glassnode on February 19, the number of whales holding more than 1,000 BTC (or the number of wallet addresses above) was 2,027, while the previous low occurred on August 5, 2019, when the number of related addresses was. 2,023.

At the current price of over $24,500, each corresponding whale wallet address is holding over $24.5 million in Bitcoin.

Based on the chart above, it can be seen that the trend of large Bitcoin holdings peaked in February 2021 before the upward price boom of $60,000 of the top coin in the market, at about 2,500, and has been consistently declining since then, only rebounding between February and March 2022. In addition, the number of “mega” Bitcoin addresses currently holding more than 10,000 is 117, with little change.

Notwithstanding the significant fluctuations in the price of the virtual currency we have witnessed over the last five years, the number of smaller investors in BTC, or wallets holding more than one coin, has progressively increased. Now, there are 982,000 wallets holding more than one Bitcoin, a significant increase from 788,000 in February 2020 and roughly 814,000 at this time last year.

Bitcoin, following the massive volatility caused by the FTX tragedy late last year, saw a dip below $16,000 but has since rebounded significantly from the start of 2023. Currently, the BTC price is trading close to the key $25,000 level, If this resistance area is broken, it is very likely that the $30,000 price zone will be the target for the bulls.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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