The number of Bitcoin whales reached the highest of 2, very similar to the halving time in 2016

The number of Bitcoin whales reached a 2-year high when investors reflected halving in 2016

New data shows that the number of Bitcoin whales (BTC) has just hit a record high over the past two years, and that is mimicking the trend from halving in 2016.

In the report Week On-chain latest on April 9, the monitoring resource Glassnode revealed that the number of large Bitcoin investors at the moment is extremely similar to the beginning of 2016.

The number of whales is growing strongly

Specifically, about 30 days before the 2020 halving event of Bitcoin (3rd time), the number of entities holding at least 1,000 BTC (about 6.92 million USD) reached 1,850. Meanwhile, at the beginning of the second quarter of 2016 - a few months before halving, the number of entities holding over 1,000 BTC was almost the same as this time.

The bizarre resemblance between these two points in two different Bitcoin halving cycles shows that the whales understand the market very well.

Glassnode writes:

"This trend implies that despite the instability in the market, the whales still believe that now is a good time to accumulate BTC, which shows they still believe in growth opportunities."

Entities hold over 1,000 BTC. Source: Glassnode
Entities hold over 1,000 BTC. Source: Glassnode

Focus on accumulation, big and small

Famous whales have appeared to confirm their belief in the future uptrend. Earlier this week, J0e007 - a large whale on Bitfinex, issued criticism for Bitcoin's stock-to-flow pricing model, according to him, the rate at which this model predicts Bitcoin will reach $ 100,000 or more. Up is too optimistic.

At the time of writing, BTC was trading at around $ 6,900 - $ 300 lower than the level earlier this year, after the king failed to hold support near $ 7,500 to match expectations.

Meanwhile, not only are the whales accumulating BTC. Last month, Glassnode noted that wallet addresses with balances of at least 1 BTC are also seeing new highs.

At the time, Cointelegraph analyst Keith Wareing said major mining companies would take advantage of the low prices to consolidate their positions and accumulate more BTC before the halving occurred - expected in mid-May. .

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According to CoinTelegraph
Translated by ToiYeuBitcoin