The Number Of Bitcoin Whales Has Dropped To 2027, The Lowest Level Since 2019

The last low came on August 5, 2019, when the number of linked addresses was 2,023, according to data from the blockchain analysis firm Glassnode on February 19, the number of whales owning more than 1,000 BTC (or the number of wallet addresses above) was 2,027.

Each associated whale wallet address is holding more than $24.5 million in Bitcoin at the current price of over $24,500.

According to the aforementioned chart, the trend of substantial Bitcoin holdings reached its high in February 2021, just before the top coin’s price explosion of $60,000, at around 2,500, and has been steadily dropping ever since. It only recovered between February and March 2022. Moreover, there are currently 117 “mega” Bitcoin addresses with more than 10,000, with minimal change.

Notwithstanding the notable price swings of the virtual currency that we have seen over the past five years, the number of smaller investors in BTC or wallets holding several coins has steadily grown. At this time last year, there were around 814,000 wallets holding multiple Bitcoins, and there are currently 982,000, a huge rise from 788,000 in February 2020.

Following the extreme volatility brought on by the FTX tragedy in late 2018, Bitcoin had a decline to below $16,000, although it has since recovered dramatically since the beginning of 2023. The price of BTC is currently hovering around the important $25,000 mark. If this resistance level is broken, the bulls will probably aim for the $30,000 price range.

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