The number of bitcoins belonging to “whales” has grown by more than 80,000 – to 4.21 million BTC, reaching the highest level since May this year.
According to the latest data from research firm Glassnode, high net worth investors are returning to the BTC market. “Whales” – clusters of addresses controlled by one participant with 1,000 to 10,000 BTC, have started accumulating bitcoins again. The amount of coins owned by large investors increased by 80,000 BTC at the end of last week and reached 4.21 million BTC – the highest level since May this year.
The number of whales also jumped to 1,922, a three-week high. The resumption of the accumulation of BTC by the whales is good news for the market, as these wealthy investors have played a significant role in the rise in the price of bitcoin this year. The balance of BTC held by whales grew with the price of the cryptocurrency during the bull rally, reaching an all-time high of 4.54 million coins on February 8.
In the following months, the whales began to sell coins, and by the beginning of May, the balance of the BTC they held decreased by 8%, to 4.17 million coins. Bitcoin price during this period ranged from $ 50,000 to $ 60,000, excluding a short-term jump to an all-time high of $ 64,800 in mid-April.
The price movement highlighted the inability of small investors to raise the price of the cryptocurrency and signaled the potential for a noticeable price correction. In May, the price of BTC dropped 35%, reaching a low of about $ 30,000, and in June, it fell to $ 29,031. The latest rise in the balance of whales suggests that the bottom may have been reached. Bitcoin is currently trading at about $ 34,300, showing a decline of about 3.24% per day.
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