Bitcoin Whales are Busy Stockpiling BTC Since Halving
The data published by the crypto analytic firm traces out the growth in numbers of Bitcoin whales after the happening of third halving. The shared chart also presents the scenario of the last year in terms of institutional growth.
The famous crypto analytical outlet Glassnode claims that BTC wallets (having more than 1000 BTC) have surged over 9% last year. The firm has rolled out the graph that shows the yearly performance of the Bitcoin holders having the largest numbers of coins in their holdings.
Last year, such Bitcoin whales were around 1,725 before the figure decreased below 1,675 in July 2019. After touching the lowest level, the numbers again marched upward after investors took interest in holding Bitcoin.
In August, growth is showing in the graph, which was due to the rise of Bitcoin price value from $10,000 to nearly $12,000. Till February 2020, the community saw no unnatural change in the accumulation of BTC on the part of investors.
Since January, whales started increasing their BTC holdings, and numbers of whales (owning more than 1000 coins) began to surge.
One thing is also important to note, and that is the behavior of Bitcoin’s holders after 2016 halving and 2020 halving. It is true that Bitcoin showed a great price momentum after 2016 halving, but holders started to empty their wallets of the top digital coin. On the other hand, whales are still busy in accumulating BTC even after the halving happened in mid-March.
Bitcoin has also got the favor of institutional investors after the central banks motivated to print surplus cash in an attempt to push the economy up. For instance, the digital assets management firm Grayscale reportedly bought all newly minted coins in the markets.
Not only institutional interest is surging, but the retail interest in Bitcoin is also making new records. Retail investors play an important role in the manipulation of price value for a short time.
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