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Number of Bitcoin (BTC) Whales Hits Two-Year High. Is Another Bull Run on the Horizon?

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Fri, 04/10/2020 - 06:24
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Alex Dovbnya
Bitcoin is witnessing a massive spike in whale addresses that are holding more than 1,000 BTC
Number of Bitcoin (BTC) Whales Hits Two-Year High. Is Another Bull Run on the Horizon?
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According to data provided by Glassnode, the number of Bitcoin addresses that hold more than 1,000 BTC (approximately $7 mln at current prices) has recently reached a two-year high. 

This signals that the leading cryptocurrency is in the middle of another accumulation phase

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Glassnode also noted that Bitcoin addresses with 1 BTC had recently reached yet a new all-time high. There are now 802,715 wallets that were fortunate enough to accumulate the whole Bitcoin. The total supply of the world's leading cryptocurrency is limited to 21 mln BTC. 

It is also worth noting that the number of addresses with at least 1 BTC has been consistently making new highs since March 22.   

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Things are getting interesting 

The way whales are hoarding coins now is eerily similar to the previous Bitcoin (BTC) halving that took place in July 2016. After a long accumulation phase, the cryptocurrency commenced its started bull run in 2017 that was followed by a massive capitulation in 2018. 

If history and whales are any guides, Bitcoin could start another massive uptrend after its third halving that is slated to happen on May 13. 

BTC's stock-to-flow model predicts that the price could reach $100,000 after the much-anticipated event. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.