While the price of bitcoin consolidated just above the $ 30,000 handle, onchain data shows that when the price dropped to $ 28,800, bitcoin whales bought the dip. Statistics from Glassnode’s web portal show the number of addresses with more than 1 000 bitcoin that rose after reaching the price bottom.
The number of addresses that own 1,000 Bitcoin Spikes
According to onchain statistics, bitcoin whales are growing with a balance of more than 1,000 bitcoin and the recent BTC price drop has helped strengthen the benchmark. A few days before the drop to the $ 28k zone, BTC prices ranged between $ 35k and 38k in USD value. The drop to $ 28,800 per bitcoin on Thursday was the lowest price drop so far this year. But the dip did not last very long and Glassnode statistics show that the number of addresses with more than 1,000 bitcoin has increased significantly.
# Bitcoin whales bought the dip. pic.twitter.com/sviiiQyNSV
– Documentation of Bitcoin 📄 (@DocumentBitcoin) 16 January 2021
A number of analysts on social media platforms talked about the whales (1,000+ BTC holders) that increased after the price drop allowed them to create as many units as they could.
‘Oh look,’ said researcher Willy Woo tweeted. “Suddenly there are a whole bunch of newly formed whales…. holders of 1000BTC / $ 32m of BTC. I see more whales coming in on this dive, ”Woo added.
The bitcoin proponent further wrote:
Coins move off the market to very strong containers, those that keep piling up without selling.
Double-Dipping and the Bitcoin Rich List
The benchmark of 1,000+ BTC whales fell at the end of 2020, but has risen since the two most recent price declines. On January 10, 2021, for example, crypto markets suffered huge losses and the price of bitcoin fell by more than 25% within 24 hours. Similar to the last price drop on Thursday, bitcoin whales with addresses with more than 1,000 bitcoin jumped at that point.
The most recent falls and whales catching bitcoins from weak hands also follow the purchase of BTC reserves announced by Microstrategy. The company revealed this week that it bought the dip by buying 314 more bitcoins for $ 10 million in cash.
Statistics from the 100 richest addresses of the ‘Bitcoin Rich List’ or bitinfocharts.com show that there was a deep accumulation on Thursday. Data currently indicate that there are 13,780 addresses that contain between 100 and 1,000 BTC in one address.
Furthermore, at the time of publication, there are 2,345 unique bitcoin addresses that contain 1,000 to 10,000 coins. There are only 100 whales of large size (10 to 1 million BTC) in the crypto-economy and today there is only one address with 100,000 – 1,000,000 BTC.
What do you think of bitcoin whales accumulating more coins during the last two price declines? Let us know what you think of this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Willy Woo, Twitter,
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