The total number of Bitcoin (BTC) whales is reportedly growing at a rapid rate despite the recent crypto market plunge.
According to new analysis from crypto data firm Glassnode, the number of Bitcoin whales with 1,000 BTC or more – worth over $7 million – just hit levels not seen since 2017.
“The number of whales increased leading up to last month’s market crash, and accelerated during and after the crash…
This trend implies that despite an uncertain market environment, whales remain confident that now is a good time to be accumulating BTC, suggesting that they believe there is further room for growth.”
Glassnode says Bitcoin’s transaction volume is also on the rise, up 23% since last week.
Meanwhile, the largest holders of BTC have been extremely active in the last 24 hours.
The crypto ledger tracker Whale Alert spotted 12 transactions totaling 25,684 BTC worth $186 million on the move.
Six transfers sent crypto from an unknown wallet to an exchange, where it could potentially be sold on the open market. Five of the transfers involved crypto moving from an exchange to an unknown wallet, and the final transfer moved BTC from one exchange to another.
- 3,746 BTC worth $27.3 million sent from Bitmex to unknown wallet
- 3,500 BTC worth $25.4 million sent from OKEx to unknown wallet
- 1,500 BTC worth $10.8 million sent from OKEx to unknown wallet
- 1,500 BTC worth $10.9 million sent from unknown wallet to Binance
- 2,000 BTC worth $14.5 million sent from Bitstamp to unknown wallet
- 5,000 BTC worth $36.2 million sent from unknown wallet to OKEx
- 1,000 BTC worth $7.2 million sent from unknown wallet to Binance
- 2,010 BTC worth $14.8 million sent from unknown wallet to Bitfinex
- 1,336 BTC worth $9.8 million sent from unknown wallet to Bitstamp
- 1,061 BTC worth $7.7 million sent from unknown wallet to Binance
- 2,000 BTC worth $14.6 million sent from OKEx to unknown wallet
- 1,031 BTC worth $7.5 million sent from OKEx to Binance
At time of publishing, Bitcoin is down 3.03% at $7,069, according to CoinMarketCap.