In a volatile and uncertain environment such as 2020, it may be surprising to many that the number of Bitcoin whales continued their sustained growth since January. However, Glassnode recently reported that BTC whales have indeed increased.
Bitcoin whales and their growth in 2020
According to Glassnode, there are at least 1,882 addresses with at least 1,000 BTC. We must highlight that the last time this figure was so high was in September 2017. That is, just when BTC was on its rapid rise to $ 20,000.
Also, if we add to this the fact that the first time we saw so many whales was in March 2016, we will see how interesting the matter is. At that time Bitcoin was still below $ 420.
That is, from that moment until today BTC has increased. Currently it costs more than 20 times what it cost then, and likewise the whales continue to grow. This implies that in one way or another the whales are richer than before.
What can we conclude from this increase in the number of BTC whales?
BTC price is now more than 20 times higher than when we saw so many whales in 2016, which would imply that whales have more wealth.
However, Glassnode highlighted in his report that the average balance of each whale has decreased during this period. In this way, whales actually have less BTC now than in 2016 and less wealth (in USD terms) than in 2017.
What somewhat compensates for this is that the price of Bitcoin maintains price fluctuations that could serve for some new investors.
For example, those who had the opportunity to enter the market in March during the fall known as “Black Thursday” have already doubled their investment today. With the same amount of BTC.
Also, a particular trend has recently been noticed by the whales. During the first week of June there was a marked accumulation, while the following week the movements of BTC by these whales decreased in frequency and quantities, of which not many were for sale.
This implies that these whales that have been accumulating for months, perhaps influenced by the expectations generated around Bitcoin’s Halving, continue to operate but with hopes of profit in the medium term.
After all, many experts have commented that this Halving would have more gradual effects than the previous two.