The supply of Bitcoin appears to be held by “Whale Entities”. The price of Bitcoin hit a 2-Month high. The sign appears to be a bullish sign for the investors and the cryptocurrency market as a whole! Data from the blockchain hints that there could be a major comeback of wealthy and smart investors to the BTC market!
The Comeback Of The Whale Entities Is Good News For Bitcoin!
There seems to be a comeback of the wealthy investors into the BTC market. In May, a metric of the blockchain issued warnings regarding a drop in the price of the cryptocurrency. On Friday, the total Bitcoins, held by the whale entities rose by around 80,000 – 4.216M BTC. The whale entities are a group of addresses that are controlled by only one network participant. This participant normally holds around 1,000 – 10,000 BTC. This level appeared to be the highest since May. On Saturday, the tally appeared to have remained unchanged. This is according to the Glassnode data.
There is a hike in the total number of entities that have managed to hit a 3-week high. The high stands at 1,922. This renewed accumulation regarding the whale entities appears to be very good news to the cryptocurrency market, especially to Bitcoin. An important role was played by these wealthy investors in powering BTC higher from the level of $10,000 to around $60,000 during the last 5 months to 2021 February.
This is very good news for all the market users of Bitcoin. During the run of the bulls, the total balance of Bitcoin held by whale entities hiked with the BTC price. It hit a record high which stood at 4.542M on 8th February! During the next few months, these entities became major sellers and took the wind out of the run of the bulls!
