There are more whales investing in Bitcoin than ever before.
The number of wallets holding more than 1,000 BTC is now about 2,200–an all-time high according to crypto analytics firm Santiment.
Crypto intelligence platform Arcane Research shared the numbers, saying they show that the biggest investors in the crypto asset have no intention of selling for profit.
And it’s not just about the number of whales, according to crypto researcher and Bitcoin advocate Lark Davis.
“One thousand or more Bitcoin is kind of a tricky metric because some of those accounts have way more than 1,000 Bitcoin. But the total amount of Bitcoin held in accounts of 1,000 [BTC] or more is around 7.9 million Bitcoin, so this, of course, is big-time evidence that the very wealthy investor class– they are buying Bitcoin.”
That’s a huge increase from the beginning of the year. The total level of BTC held by whales decreased relatively steadily from 2016 until the beginning of 2020, declining more than 22%, from around 6.7 million to 5.2 million, according to crypto intelligence firm Glassnode.
Davis says both metrics are positive signs.
“We’ve got strong HODLers, we have more and more whales coming in, and it’s important to pay attention to what these HODLers and whales are doing, because they’re looking around the corner. They see the big picture. Watch the whales. The whales are accumulating, and they’re accumulating at these prices. The numbers, they keep going up, and that is important, because the whales are not afraid to buy here.”
Featured Image: Shutterstock/Konrad Mostert