Number of bitcoin whales falls to lowest level since 2019

The number of Bitcoin (BTC) whales, or wallet addresses holding 1,000 or more BTC, hit their lowest level since August 2019 on Sunday.

According to cryptanalysis service Glassnode, as of Sunday, February 19, there were 2,027 whales; The last time their count was that low was August 5, 2019 when they counted 2,023.

Owning so much bitcoin at its current price of around $25,000 is a significant vote of confidence in the digital currency, as each whale holds close to $25 million in bitcoin.

Source: Glassnode

The number of bitcoin whales peaked at just under 2,500 in February 2021 but has steadily declined since then.

This trend comes despite a market rally that took place between February and March 2022, when the number of whales jumped from 2,117 on February 21 to around 2,286 on March 23.

megawhales and minnows

The same trend is not evident with the so-called megawhales, which hold more than 10,000 BTC, which represents an investment of over $250 million at current prices.

There are only 117 mega whales, quite close to the historical highs of 123 in November 2022 and 126 in October 2018. Their behavior has historically been much less correlated with the price of BTC.

However, the number of smaller investors in BTC, wallets with more than one coin, has gradually increased with some dips over the past five years, despite the dramatic price changes of the digital currency that we have seen over this period.

The number of wallets holding more than one BTC is currently 982,000, a solid increase from around 814,000 around its time last year and 788,000 in February 2020.

Source: Glassnode

The message comes as the Price of BTC has rallied throughout 2023 after falling abruptly in the second half of 2022 following the high-profile collapse of crypto exchange FTX.

The price of Bitcoin has surged from $16,542 on Jan. 1 to around $24,900 at the time of writing, an increase of over 40%.

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