Population of Bitcoin Popes Approaching September 2017 Levels

Bitcoin whales with the ability to influence BTC prices are approaching the 2017 level, when the token goes up to $ 20K.

The number of investors holding a significant amount of Bitcoin is approaching a level never seen by the crypto community since the rise of cryptocurrency to $ 20,000.

According to Glassnode ‘The Week On-Chain’ report for June 15, there has been a steady increase in the number of Bitcoin whales (BTCs) – traders holding 1000 BTC or more – since January 2020.

Source: Glassnode

The crypto analytical site says there are currently 1882 whales, numbering in September 2017, when the BTC started to raise $ 20,000. However, the same amount of whales kept a significant amount of Bitcoin in March 2016, when it was priced below $ 420.

“The price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales. However, the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017.”

Power to shift the market

There are many Bitcoin whales are HODLers, who have not been moving or releasing their digital assets for up to five years despite significant market correction. During the crypto bloodshed on March 12, when BTC prices dropped to as low as $ 3,600, many whales did not divert their funds.

Source: Cointelegraph

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