Bitcoin Addresses Holding over 1000 BTC Rises, Adding $6 Billion
Bitcoin addresses holding figures above 1,000 BTC hit a new all-time high this year, adding another 164 new whales, representing $6 billion worth of the flagship cryptocurrency.
According to Glassnode, a blockchain data and intelligence provider, there are almost 2,440 bitcoin whales with above 1,000 BTC in their wallets by press time. In November, the figure was slightly below 2,000.
Because of the network’s pseudonymity, it’s simple for a whale to create multiple addresses to spread its holdings. It is uncertain whether over 2,400 individuals with above 1,000 BTC or large entities hold massive holdings in separate addresses or clusters of addresses.
Bitcoin’s high prices in 2020 came at the end as many people began trading stocks on their own because of no-commission trades. Many average American households had more cash on hand than usual. The trend has extended this year, with BTC currently trading above $34,000, after falling from a peak of nearly $42,000 earlier in January. Bitcoin’s price surge started late last year because of growing adoption.
Increase in Demand
Leslie Steven Dcunha of Jassheim, a 39-year-old Norway bitcoin investor, recently bought roughly $40,000 to $50,000 worth of BTC.
Dcunha, who believes Bitcoin will double in price, said she hoped to pass it on to her children eventually. The kids are now 5 and 6 years old, and if bitcoin keeps rising, it could be worth something for them in the future.
In August of this year, MicroStrategy announced a $250 million investment in Bitcoin, later adding $183 million. Square followed soon after making a $50 million investment in Bitcoin of its own.
Late last year, PayPal announced a service allowing users to buy, sell, and hold cryptocurrencies on its platform, which possibly led to growing demand. Companies like MassMutual and One River have invested billions into BTC, which has led to increased demand for BTC institutional investments.
The New Addresses
One hundred sixty-four new addresses show that whales have continued buying the flagship cryptocurrency following BTC trading at new highs this year. Bitcoin’s bull run seems to stall; while some analysts claim pullbacks are healthy, others point to a make or break scenario.
Some analysts argue that BTC’s next move could make or break the cryptocurrency’s bull run. Bitcoin’s volatility, meanwhile, has reportedly helped Etheruem hit a new all-time high. According to analysts, the top altcoin may see a parabolic price action soon, considering its recent breach past the $1,400 zone.