Bitcoin whale count increased by +10% despite the bear market!
As Bitcoin and the broader cryptocurrency market continue to experience sideways movements, whales have been steadily filling their bags with more BTC. According to on-chain data tracked by Santiment, the share of supply held by whales holding over 10,000 BTC increased from 10.6% in October 2021 to 11.7% in August 2023, an increase of +10%!
Overall, the number of Bitcoin holders has been on the rise, growing from 38 million to nearly 49 million since late 2021. Interestingly, the number of holders has increased despite the bear market and increased regulatory scrutiny.
In fact, HODL has been the name of the game for some time. As of August, the supply held by long-term holders reached an all-time high of 14.74 million BTC, according to a recent report from Glassnode. Meanwhile, the supply held by short-term holders dropped to the lowest level since 2011.
It is worth noting that Bitcoin is not the only crypto whales have had their eye on – Ethereum, Polygon, and Litecoin are some other digital currencies that whales have been accumulating.
If you want to keep on top of what large holders are doing, consider using crypto whale tracking tools.
Bitcoin is trading in the “Accumulation” zone ahead of the next halving
Based on Bitcoin’s historical price data, the currency might currently be oversold. The Bitcoin Rainbow Chart identifies the current price level of roughly $26,000 as the accumulation zone, suggesting that it could be a good idea to stack more BTC at these market rates.
While there’s no guarantee that Bitcoin will follow its previous price patterns, it seems that most investors are currently shifting their focus to the next Bitcoin halving, which is estimated for April 2024. Historically, each halving event kickstarted a new market cycle that saw Bitcoin set a new high – $1,170 in 2013, $19,400 in 2017, and $68,770 in 2021.
It’s difficult to predict what price activity the next halving will bring, but there are some indications of what we could expect based on historical movements. The table below shows all three halving events and Bitcoin’s price performance before and after each one.
| Date | BTC Price 1M Pre Halv. | BTC Price at Halv. | BTC Price 1M After Halv. | BTC Price 3M After Halv. | |
|---|---|---|---|---|---|
| First Halving | Nov 28, 2012 | $10.70 | $12.20 | $13.42 (+9.8%) | $30.90 (+153%) |
| Second Halving | Jul 9, 2016 | $577.2 | $633.4 | $597.5 (-5.6%) | $619.8 (-2.2%) |
| Third Halving | May 11, 2020 | $7,060 | $8,730 | $9,850 (+12.8%) | $11,860 (+35.8%) |
As you can see, Bitcoin recorded very impressive price uptrends after the first and third halving but suffered a modest loss in 2016.
If you want to learn more about the implications of the 2024 Bitcoin halving and potential price movements that could follow, check the video below.
Source: https://coincodex.com/article/32347/crypto-market-alert-whales-are-buying-bitcoin-ethereum-litecoin-polygon-ahead-of-bitcoin-halving-in-2024/