The data shows that the current number of bitcoin "giant whales" has surpassed the past two years, which is similar to the trend of halving in 2016.
In the latest one-week on-chain report released on April 9, the data platform Glassnode revealed that the number of large-scale Bitcoin investors is very similar to that of early 2016.
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Since the market peaked at the end of 2017, the number of giant whales has never reached this level. The last time we saw so many giant whales was in early 2016. This pattern becomes interesting when we compare it with the last halving event.
Specifically, just 30 days before Bitcoin halved in 2020, the number of addresses holding at least 1,000 Bitcoins is now slightly less than 1,850. At the beginning of the second quarter of 2016, a few months before the last halving, the number of such addresses was almost identical.
In the two bitcoin halving cycles, these two identical points are almost unbelievable, which shows that the "giant whale" knows this market very well.
"This trend means that despite uncertain market conditions, the giant whale still believes that it is a good time to hoard BTC, which shows that they think there is room for further growth."
(Position of holding addresses above 1000BTC)
At the same time, it is not just whales that accumulate wealth. Last month, Glassnode pointed out that addresses holding at least 1 bitcoin had a new high.
Analyst Keith Wareing believes that big miners will use lower prices to consolidate their position and accumulate more BTC before Bitcoin halves in mid-May.