The number of Bitcoin Whales Holding 10,000 coins in one address decreased to an all-time low
The distribution of Bitcoin is less concentrated as the total number of whales holding 10,000 or more coins reached as low as 100 such addresses. Simultaneously, the BTC transactions and exchange deposits are continuously decreasing to monthly lows.
BTC 1-K+ Whales to All-time-low
The BTC “humpback” whales are massive wallets having 10,000 or more coins. From USD’s perspective, the amount is worth $550 million as of today’s price. As per Glassnode, such addresses have plummeted in number since the beginning of this year. During the time there were 115 wallets holding these many BTC, but now they have dropped to over 90 as an all-time low.
This can be attributed to BTC’s increased value in past days since October. The crypto whales could have taken profit by disposing of some of their holdings.
As per the reports from Crypto Potato, these wallets sold off 140,000 bitcoin in February when BTC peaked at $58,400.
Since then, the number of humpback whales decreased by 30% since 2019. It suggests that primary cryptocurrency distribution has become significantly less concentrated compared to just a few years ago.
Bitcoin on Exchanges & Daily Transaction is Getting less
While large Bitcoin addresses vanished in the last months, the exchange related-activities have also decreased. Glassnode reveals that the number of exchange deposits reached lesser than 2.7 million. During mid-January, the number was worth 3.6 million.
Conversely, the withdrawals from trading venues have intensified as well. It led to reaching a lower number of bitcoins held on exchanges. In addition, Bitcoin has also seen a decrease in transactions. As per the data from the analytics company, the daily transactions reached a low of just over 12,300 while it was well above 15,000 earlier this year.
