Number Of BTC Whales Reaches ATH As Market Recovers

The number of BTC whales reaches ATH as the markets recover according to the new data that we have from Glassnode in today’s Bitcoin news.

More BTC whales are setting their eyes on the prize according to the data from Glassnode and the metrics appear uncorrelated to the price at least for now while the number of ETH wallets are dropping. The number of BTC whales reaches ATH of 2,425 according to the data. The metric keeps on setting new records each day which means that there are more “whales” than ever that resurface from the depths. “Whales” are basically investors with huge amounts of BTC and have the power to influence the market so it means that if they decided to dump all of their coins at once, they could crash the market.

📈 #Bitcoin $BTC Number of Addresses Holding 1k+ coins just reached an ATH of 2,425

Previous ATH of 2,424 was observed earlier today

View metric:https://t.co/cjV0krRVgK pic.twitter.com/WBiQqXtcSH

— glassnode alerts (@glassnodealerts) January 16, 2021

The big spenders are doubling down on their BTC holdings which only suggests that the price could increase soon. The crypto community rallies on the institutional investors and popular influencers like Michael Saylor who became CEO of the business intelligence company MicroStrategy purchased insane amounts of Bitcoin, Anthony Scaramucci who is the co-founder of SKyBridge Capital as well as MassMutual that control millions of dollars.

Bitcoin sea shanty alert https://t.co/Ju1UZfL9IY

— Neeraj K. Agrawal (@NeerajKA) January 15, 2021

These three companies purchased so much BTC that they increased the demand for the coin. While the whales proliferate, the price of BTC remains rocky especially since it now hit $41,000 before crashing and losing 20% of its value in one day. According to the Glassnode data, some whales remained undeterred while others decided to sell-off. Once BTC bounced back, the number of whales increased from 2,370 to 2,425. In the meantime, the number of addresses that hold about 100 ETH is falling to 6985 from the previous 7007 a day ago.

"I shall be telling this with a sigh
Somewhere ages and ages hence:

Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference."#Bitcoin, not Gold.

— Michael Saylor (@saylor) January 8, 2021

While it seems that it is not related to the price, ETH sits at $1224 marking a 2% increase in the past 24hours but the ETH price grew as well since the start of the year and continues approaching a new all-time high.

As reported earlier today, One analyst expects BTC’s price to consolidate after the recent 15% drop, as it peaked $40,000 and fell as low as $34,000 on Friday morning. The drop was weird because the cryptocurrency was so strongly underperforming altcoins but while the BTC corrections lasted, altcoins fell against the US dollar and also against BTC but this was not the case this time.
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