"Gypsy" hoards bitcoin, holding more than 1,000 bitcoin addresses and growing at a record high

According to Newsbtc, the latest data shows that the number of addresses with more than 1,000 bitcoins has increased and reached a new high after a bear market.

Photo-1454991727061-be514eae86f7

(Source: Unsplash )

In the bear market, the number of addresses holding more than a thousand bitcoins peaks

It may be painful to hold the bear through the bear market, and for those who are buying at a high price but not willing to sell at a low price, the bear market will undoubtedly bring panic. However, for others, this may be a once-in-a-lifetime opportunity to accumulate assets at a low price and wait for the greatest economic return.

This is exactly what happened in the 2018 encryption "winter", with an increase in the number of more than 1,000 bitcoin addresses. "Whales" may have accumulated a lot of bitcoin resources during the bear market in 2018, and now they simply need to hold them.

After Bitcoin reached a peak of $20,000 in 2017, the number of addresses holding more than 1,000 bitcoins suddenly dropped. This figure was basically flat for most of the 2019 period, but in November Bitcoin fell sharply, fell below the $6,000 support level and then fell to the bottom of the bear market, holding more than 1,000 bitcoin addresses here. The period has increased by nearly 20%.

When Bitcoin hit a low of about $3,150, the number of addresses in excess of 1000 bitcoins surged again. Before the rebound in April 2019, there was another surge in the number of addresses, rising from about 1,500 addresses in the bear market low to 2,000, a total increase of 25%.

In 2019, the "big whale" increased dramatically, possibly due to the influx of institutions or exchanges. Bakkt is probably one of them because it needs to store bitcoin for the actual delivery of futures.

The number of more than 1,000 Bitcoin addresses seems to have risen before the currency price fell sharply , as the indicator rose again before the cryptocurrency fell below $10,000 on September 24.

According to the crypto market analysis and data intelligence company Glassnode's chart, the number of more than 1,000 bitcoin addresses now has reached a five-year high.

Has the “whale” and experienced investors accumulated a lot of bitcoins before halving?

First, this may mean that in the massive sell-off after the 2017 bubble, “whales” and experienced investors have been accumulating bitcoin at the lowest possible price.

According to the Wyckoff cumulative model, the best investor buys assets at the bottom of the price and then raises the price during the markup phase. This seems to be exactly what happened. It shows that someone has accumulated a lot of bitcoin, and it is only the beginning of the fare increase phase.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Policy

FTX Customers Buckle Up! $9B Shortfall Claim Payout Expected to Roll Out by Mid-2024

Good news for fashion lovers! FTX has reached a settlement with their debtors and creditors, potentially returning $9...

Market

The ultimate way out of cryptocurrency exchanges: decentralization (below)

The full text is brief: Alicoin|Exclusive view With the endless stream of asset security cases such as hacking and se...

Blockchain

The history of the rise and fall of the exchange: an important silhouette of the development of blockchain

Original from: blog.nomics.com Author: Nathaniel Whittemore & Clay Collins Compilation: Orange Book There may be ...

Blockchain

FTX Bankruptcy Estate Bets Big $150 Million SOL and ETH on the Line as Sam Bankman-Fried's Trial Unfolds

It seems that addresses associated with the insolvent cryptocurrency exchange, which is currently being managed by a ...

Blockchain

Long Push Receiving 1 million ARB airdrop, Summary and Reflections on 2 Years in the Circle

Note This article is from @0xfarmer_ on Twitter, summarized by MarsBit as follows Time flies. I have finished my subs...