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Bitcoin (BTC) Whales "Bought the Dip," Glassnode Data Says

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Wed, 02/10/2021 - 15:30
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Vladislav Sopov
Closed club of Bitcoin (BTC) whales, i.e., the richest non-exchange wallets of the flagship blockchain, added many new members in January 2021
Bitcoin (BTC) Whales "Bought the Dip," Glassnode Data Says
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Seasoned blockchain researcher Elias Simos of Bison Trails shared statistics on Bitcoin (BTC) wallet cluster dynamics by on-chain analytical firm Glassnode. The most influential whale group welcomed 130 new members between Jan. 11 and Feb. 10, 2021.

Who is eating your Bitcoins (BTC)?

Mr. Simos underlined the most notable trend of the ongoing Bitcoin (BTC) accumulation. The cluster of whales holding greater than 1,000 Bitcoins (BTC) each is adding new members month by month, draining other categories.

Bitcoin (BTC) whales acquire new coins
Image via Twitter

Also, two "entry-level" categories took the opportunity to "buy the dip." Both 0.01+ BTC and 0.1+ BTC holders slightly surged last month. Meanwhile, all other segments lost representatives.

To provide context, it should be noted that the period mentioned by Mr. Simos was marked by a deep correction of the ongoing run and by a new all-time high at the same time.

In January, Bitcoin (BTC) dropped to $28,500 from its previous high of $42,000 before surging to the incredible $48,500 level.

Elon Musk's pump is followed by Lindsay Lohan's dump

Mr. Simos admitted that this is the third consecutive month for this pattern. In December 2020 and early January 2021, the 1,000+ BTC holders' cluster added 91 addresses.

So, the analyst is wondering whether the ongoing dump will be powerful enough to shake out the strongest hands of the flagship blockchain.

As covered previously by U.Today, the Bitcoin (BTC) price plummeted five percent immediately after American celebrity Lindsay Lohan wrote about its "to-the-moon" run.

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Yesterday, Bitcoin (BTC) printed a new all-time high following confirmation of Tesla's Bitcoin (BTC) investments.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)