Whale or shrimp? – When Bitcoin shows positive signs of recoverywe propose today to make a small update on the different wallets of the crypto ecosystem. There are those who are called in the middle the mega whales with over 10,000 unitsthen there are whales with over 1,000 and finally all those who have at least 1 bitcoin. Thanks to the data of the specialist in the field, Glassnodewe will see together that whales are becoming a little rarer in the ocean while the number of shrimps, crabs and fish with more than 1 bitcoin continues to increase.
The number of wallets with more than 1 bitcoin is increasing
Over the past four years, the number of wallets that hold more than 1 bitcoin has grown by just over 35% passing 725,000 in May 2020 at 980,000 Today. The only notable drop occurred during 2021.
Since then, these portfolios have risen despite falling prices and FUD around Terra (LUNA) and FTX.
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The number of wallets with more than 1000 bitcoins is decreasing
The situation of portfolios with more than 1,000 bitcoin did not follow the same pattern at all. We even reached a low point last weekend which corresponds to the situation in August 2019 when there was 2023 wallets. Last Sunday, Glassnode counted some 2027.
The number of these whales peaked in February 2021 with approximately 2,500 but has since declined. With a current price of around $25,000this still represents portfolios at 25 millions of dollars.
The number of wallets with more than 10,000 bitcoins is stagnating
Finally, here is the last category, that of mega-whales with more than 10,000 bitcoinswhich represents the colossal sum of 250,000 million of dollars. There is currently 117 mega whales listed by Glassnode. This corresponds approximately to the historic highs of 123 portfolios raised in November 2022 and 126 in October 2018.
Observers have noted that the behavior of these wallets has decorrelated of the price of Bitcoin in recent years, which translates strong confidence in this cryptocurrency.
And you, what sea animal are you?
To complete this presentation of the different portfolios, here is the bitcoin distribution offered by Glassnode in January 2021. Each category has its nickname, knowing that the platforms and miners are separate so as not to distort the data. For each category, the percentage of the number of bitcoins in circulation represented and the exact number expressed in millions of units are indicated. For example, the crabs possess 9% of the total of bitcoins or 1.68 million units.
We therefore find the shrimp with less than 1 BTC, crabs who have between 1 and 10 BTC, the octopuses between 10 and 50 and the Pisces between 50 and 100. Between 100 and 500 BTC these are the dolphinsbetween 500 and 1,000 sharksbetween 1000 and 5000 the famous whales then to more than 5,000 humpback whales or mega whales.
The number of wallets with more than 1 bitcoin therefore increases tirelessly while that of whales decreases. Is this the sign of a plus fair distribution the number of BTC available? Not so sure, but in any case the behavior of the hodlers shows a growing confidence in the area. And the prospect of the next bull run should strengthen everyone’s convictions!
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