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, The number of Bitcoin whales is increasing, Forex-News, Forex-News
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The number of Bitcoin whales is increasing

, The number of Bitcoin whales is increasing, Forex-News, Forex-News

, The number of Bitcoin whales is increasing, Forex-News, Forex-News

We know that Bitcoin whales have an influence on what happens in the Bitcoin market. However, something that has been noticed recently is that the number of Bitcoin whales is increasing again, and believe it or not it can be positive for BTC.

For starters, Bitcoin has had a year in a certain way. It took a sizable drop in March of this year, then rebounded as the market looked forward to the Bitcoin Halving. Although an increase was expected, it was not known how optimistic the bulls might be, or what the whales would do about it.

We know that expectations were not met, and that in a way Bitcoin has had considerable stability, in terms of an absence of extreme volatility. However, something interesting is that the data shows that in the midst of all this the number of Bitcoin whales has increased.

What does this increase in Bitcoin whales imply?

Bitcoin whales are those actors who own more than 1000 BTC, and that for this reason, they have a certain power of influence in where the price of BTC is directed. This is roughly obvious, but it is the main thing.

Therefore, it is highly likely that these Bitcoin whale increases can be attributed to increased institutional interest in this market. Consequently, it could be interpreted as something positive if we understand that it indicates a constant flow of capital towards BTC and in general to the cryptocurrency market.

The number of Bitcoin whales is increasing, and this implies that more and more capital is entering the BTC market. Source: Glassnode

Context also matters, because if whales decide to have Bitcoin in a context of global recession, it may mean that they are hopeful in this market. In addition, the cost of entering the Bitcoin market has increased considerably compared to the month of March.

To get an idea, Glassnode recently reported that the current number of Bitcoin whales was 1,800. This is the highest value the metric has been at since mid-rally 2017.

What other data do we have at the moment?

After having considered what happens to whales, it is time to analyze the cryptocurrency market in general. Based on data provided by Coin Metrics, one of the leading blockchain data and analytics firms, a bull run is likely brewing below the surface.

The trends highlighted by the firm suggest that there is a decrease in the supply of Bitcoin on exchanges, but that there are more transactions with BTC within the blockchain.

Another indicator they take into account is the Realized Cap of Bitcoin, which has been increasing considerably. This signal was also observed in 2017 when BTC made a considerable take-off during its bull run.

According to Coin Metrics “If it continues as it did in 2017, 2021 should be an interesting year for Bitcoin”.

, The number of Bitcoin whales is increasing, Forex-News, Forex-News

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, The number of Bitcoin whales is increasing, Forex-News, Forex-News

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