Despite Bitcoin’s significant uptrend in the past month, not everything is as green as it seems. According to a cryptanalytic company, glass knotBitcoin whales, which hit a significant peak in 2021, have plummeted to a low last seen in 2019.
Wallets with a total of at least 10,000 bitcoins, currently worth $2.4 million, hit a 2027 low on February 19, close to a single record in August 2019.
The number of bitcoin whales reached an all-time high of almost 2,500 in 2021 at the height of the bull season and has been slowly declining since then. The reason for the gradual decline is still unclear, as some of them can be traced back to whales turning into megawhales or whales making profits and exiting the cryptocurrency market.
Mega whales and shrimp on the rise?
While bitcoin whales have declined, other investors such as megawhales and shrimp have risen. Megakit holding at least 10,000 BTC worth $247 million at the current price have gone up. bitcoin records 117 large whales, close to all-time highs with 123 recorded in November 2022 and 126 recorded in October 2018.
On the contrary, the number of small holders, called shrimp, holding less than 1 BTC has gradually increased in recent years. Despite the sharp decline in the price of bitcoin, which fell from an all-time high of $69,000 in November 2021 to below $18,000 at the end of last year.
The number of wallets holding at least one BTC currently stands at 982,000, up from last year’s low of 814,000 and a deeper low of 788,000 from February 2020.
Overall, the increase in the number of whales and shrimp in Bitcoin has reflected the price of BTC itself since the beginning of the year. Over the past month, BTC has risen from $16,000 last December to over $25,000 in February, up 40%.
Bitcoin (BTC) Continuous Rally
Over the past 24 hours, BTC continued to rise by 3% after a slight pullback on Sunday evening. The asset has made a significant contribution to the bullish trend in the global cryptocurrency market capitalization, with its market dominance of 40.5%.
Also, the last few weeks have been bullish for BTC, especially since the beginning of the year. BTC has moved from a $16,000 price tag seen late last year to trading above $24,000 at the time of writing.
Notably, BTC trading volume has also risen significantly along with its price, indicating growing investor interest in the most significant cryptocurrency in terms of market capitalization. The trading volume of the crypto asset rose from a low of $16.8 billion to a high of $46 billion as of February 20.
Although BTC has been rising since the beginning of the year, it is still up 63.99% from its all-time high of $69,000 in 2021. potential for further bullish continuation.
Credit : www.newsbtc.com
