Number of Bitcoin 'Whale' Addresses at Highest Since Autumn 2016

The number of investors with over 1,000 bitcoin has peaked to four-year highs amid the recent price rally.

AccessTimeIconOct 26, 2020 at 12:19 p.m. UTC
Updated Sep 14, 2021 at 10:23 a.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

The number of bitcoin "whales" – large investors with an ability to influence market trends – has jumped to four-year highs alongside the recent price rally.

  • As of Sunday, the population of whale entities – clusters of addresses held by a single network participant holding at least 1,000 BTC – was 1,939, the highest since September 2016, according to data source Glassnode.
  • The whale entities metric increased by 2.2% last week, possibly adding to bullish pressures around bitcoin's price.
  • The top cryptocurrency by market value rose by over 13% last week to register its best single-week performance since April.
  • The uptrend gathered steam on Wednesday after PayPal announced support for bitcoin and prices reached 13-month highs above $13,300 on Thursday.
CoinDesk - Unknown

Bitcoin whale entities and price

  • The number of whale entities has increased by more than 13% this year alongside a 20% rise in the U.S. dollar supply.
  • The data shows high net-worth individuals increasingly consider bitcoin a hedge against inflation, according to Willy Woo, an on-chain analyst and the author of The Bitcoin Forecast newsletter.
  • Several top public companies have recently disclosed bitcoin investments, providing a strong vote of confidence in the cryptocurrency's future.
  • Hedge fund billionaire Paul Tudor Jones believes bitcoin's rally has just begun.
  • As per the technical charts, the cryptocurrency is looking north, having cleared resistance with a weekly close (Sunday, UTC) above $12,500.
CoinDesk - Unknown

Bitcoin weekly chart

  • The focus now is on the June 2019 high of $13,800.
  • Bitcoin is trading near $13,160 at press time, up 0.75% on the day.
  • Disclosure: The author holds small positions in bitcoin and litecoin.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.