15,933 Bitcoin addresses hold at least 100 BTC
Glassnode’s data shows that the number of Bitcoin addresses for whales has jumped despite the market drop. 15,933 Bitcoins addresses now has at least 100 BTC, the highest level since July 2022. The previous one-month high of 15,932 was observed on August 26.
During the first half of this month, the cryptocurrency market witnessed strong price growth after BTC touched $25,000 on August 15 for the first time since June 2022. However, the second half of August resulted in a massive price drop across the BTC network. After falling more than 20%, Bitcoin hit a low of nearly $19,600 on August 29.
Bitcoin whales are also on the move despite the market correction. On August 30, a leading crypto whale address moved 3,085 BTC worth more than $63 million from digital exchange Coinbase to an unknown wallet. Amid consistent outflows over the past few years, Coinbase’s BTC balance has dropped significantly.
Recently, Binance took over Coinbase and became the digital exchange with the largest BTC holdings.
Bitcoin Accumulation
Marcus Sotiriou, analyst at GlobalBlock, comments on recent developments in the crypto market and BTC accumulation: “Despite retail interest and liquidity in the crypto market being low, the BTC whales may have started to rally again. Coinmetrics data shows that the 30-day the change in Bitcoin held by BTC whales (addresses with 1k-10k Bitcoin) has turned from negative to positive in the last week or so. BTC whales may decide that $20,000 is a good deal with long-term prospects.”
“Crypto market capitalization fell back below $1 trillion over the weekend, following the Jackson Hole Symposium where Fed Chair Powell reaffirmed the hawkish stance of the US Federal Reserve. Meanwhile, the Securities and Exchange Commission has delayed yet another decision on VanEck’s latest bid to launch a spot Bitcoin exchange-traded fund (ETF). VanEck was previously denied a spot BTC ETF last November,” Sotiriou added.
Glassnode’s data shows that the number of Bitcoin addresses for whales has jumped despite the market drop. 15,933 Bitcoins addresses now has at least 100 BTC, the highest level since July 2022. The previous one-month high of 15,932 was observed on August 26.
During the first half of this month, the cryptocurrency market witnessed strong price growth after BTC touched $25,000 on August 15 for the first time since June 2022. However, the second half of August resulted in a massive price drop across the BTC network. After falling more than 20%, Bitcoin hit a low of nearly $19,600 on August 29.
Bitcoin whales are also on the move despite the market correction. On August 30, a leading crypto whale address moved 3,085 BTC worth more than $63 million from digital exchange Coinbase to an unknown wallet. Amid consistent outflows over the past few years, Coinbase’s BTC balance has dropped significantly.
Recently, Binance took over Coinbase and became the digital exchange with the largest BTC holdings.
Bitcoin Accumulation
Marcus Sotiriou, analyst at GlobalBlock, comments on recent developments in the crypto market and BTC accumulation: “Despite retail interest and liquidity in the crypto market being low, the BTC whales may have started to rally again. Coinmetrics data shows that the 30-day the change in Bitcoin held by BTC whales (addresses with 1k-10k Bitcoin) has turned from negative to positive in the last week or so. BTC whales may decide that $20,000 is a good deal with long-term prospects.”
“Crypto market capitalization fell back below $1 trillion over the weekend, following the Jackson Hole Symposium where Fed Chair Powell reaffirmed the hawkish stance of the US Federal Reserve. Meanwhile, the Securities and Exchange Commission has delayed yet another decision on VanEck’s latest bid to launch a spot Bitcoin exchange-traded fund (ETF). VanEck was previously denied a spot BTC ETF last November,” Sotiriou added.
