The number of BTC whales hit an all-time high while still a few big players hold a huge chunk of the coins so let’s read more in the latest Bitcoin news today.
According to Glassnode data, it labeled anyone with at least 1000 BTC a whale so now whales have the potential to shape the market. The number of BTC whales hit an all-time high. Whales are basically investors that have huge chunks of coins and if they place them on the market, it can push prices up or down. Glassnode defined whales as entities like people and organizations that hold come cluster of wallets like at least 1000 BTC which are worth $19 million.
There are about 2000 BTC whales as of the time of writing and the last time there were a lot of whales in 2016 which is a year before the BTC bull run in 2017. Earlier this week, the reports from Santiment on the other hand, show that the number of wallets that hold at least 10,000 BTC were also hitting yearly highs. Bitcoin fanatics clamored for institutional whales and investors so their battle is now inexhaustible but who determines when institutional investors arrived on the market? As the wails continue, the rich investors and institutions responded one by one.
Billionaire investors like Racardo Salinas Pliego and Stanley Druckenmiller are among the most popular investors in BTC. Microstrategy as well, purchased $450 million in BTC this summer as Michael Saylor considers the number one cryptocurrency is “swarm of cyber hornets serving the goddess of wisdom.” Large companies now offer BTC to their customers as PayPal rolled out crypto services to US customers while Robinhood offers zero-fee commission crypto trading and Square’s Cash app sells crypto to the users.
In order to service the growing base of customers as large institutions like Grayscale, PayPal, and Square buy all of the new coins to ensure the customers that have enough supply. A small number of companies hold most of the Bitcoin as the distributed network will become a little heavy. Also, as we reported earlier in our BTC news, A mass liquidation for bitcoin’s gains could occur as the bears are preparing to win over the market. BTC Was stable below $19,000 for the past few days with every visit to this level starting another strong pullback.
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