Bitcoin Whales Starts Dumping as On-Chain Data Reveals
While Bitcoin’s price has recently recovered, the market moves of many of its competitors have been notable.
According to Glassnode analytics’ on-chain data, the number of Bitcoin (BTC) whales may be decreasing. The number of addresses holding at least 100 units of Bitcoins, valued at about $5 million today, has dropped to a 1-year low of 15,958.
In the last year, both retail and institutional investors have embraced the digital currency ecosystem. The decreasing number of Bitcoin whales shows how simple it is to mistake market activity with real currency accumulation.
The decrease indicates that the overall number of holders has fallen from the high of approximately 16,700 in 2021. In the last year, big Wall Street players, including Tesla, Square, and MicroStrategy Incorporation, have entered the Bitcoin market. The whales that entered the space were fewer but owned a large amount of Bitcoin.
MicroStrategy currently owns 108,992 Bitcoins, purchased at an average price of $26,769.
Assistance From Retail Investors
Both whale accumulation (typically led by institutional investors) and retail buy ups influence Bitcoin’s price. As witnessed when Tesla’s investment sparked the run of Bitcoin to an All-Time High (ATH) of 42,360 in February, the large bag holders are ready to inject enormous sums each time.
Retail investors assist in maintaining positive trading volumes by increasing exchange activity. Increasing trading volumes have led to modest daily price increases, which have helped sustain the cryptocurrency’s rise despite recent price corrections.
According to Bloomberg analyst Mike McGlone, the combined activities of both individual and institutional investors have put the leading cryptocurrency on the right road for further growth, with Bitcoin particularly facing the least opposition on its journey to $100,000.
Bitcoin is now trading at $50,266.46, on CoinMarketCap.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
