Record High Bitcoin Whale Population Bullish For BTC Price…?
Bullish? Why yes, I am…!
Record high Bitcoin whale population is bullish for BTC price — Analyst
“Whales tend to follow areas that have the most liquidity, as they deal with large amounts of Bitcoin. As such, when whales believe the price of BTC has reached a top, they sell quickly, causing the number of large addresses holding BTC to drop.
As an example, in early 2018, after the price of Bitcoin hit $20,000, the number of Bitcoin addresses with 1,000 BTC ($11 million) declined to levels unseen since 2014.
Another on-chain metric that is not limited to whales suggests investors are generally accumulating more Bitcoin than before. Glassnode found that addresses that never spent BTC but have been active in the last seven years increased noticeably since 2018…”