Whales Grabbing Bitcoin as 1k – 10k Wallet Supply Sees Sharp Rise: Glassnode

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Sat, 07/03/2021 - 16:00

Yuri Molchan

Data provided by a popular analytics company shows that whales have been actively accumulating Bitcoin on the dip

Whales Grabbing Bitcoin as 1k – 10k Wallet Supply Sees Sharp Rise: Glassnode

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Trader and analyst Willy Woo has taken to Twitter to share a couple of Glassnode charts which show that Bitcoin is doing well despite low hashrate and China’s crackdown on miners.

The first chart he shared demonstrates a sharp rise in the Bitcoin supply held by crypto whales – owners of wallets with 1,000 – 10,000 BTC.

Bitcoin whales are accumulating the flagship crypto on the dip, ignoring the negative news coming from China and world’s central banks.

Whales:
"Nom nom nom... BTC so yummy today." pic.twitter.com/TLoHyaJtn2
— Willy Woo (@woonomic) July 3, 2021

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Another chart from Glassnode shared by Woo indicates a major rise in the number of Bitcoin entities. Woo adds that right now the number of BTC users has hit all-time highs for 2021.

@glassnode data: "Bitcoin user growth at all time highs for 2021"

CryptoTwitter traders: "It's definitely a bear market" pic.twitter.com/L7kk6W4PKS
— Willy Woo (@woonomic) July 3, 2021

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About the author

Yuri Molchan

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.