According to on-chain statistics given by Glassnode analytics service, the number of prominent Bitcoin whale addresses on the network has plummeted to a three-month low. Current speculation states that the value is at September 2021 level.
Glassnode is the industry’s most comprehensive source of on-chain and derivatives data. Their recent tweet reviewed this observation:
It is noted that the bulk of the market has given up on counter-trading the asset and has joined the bear market. This was confirmed because the unique addresses holding 100 or more coins have decreased to October. As per the observations, even though the inflow of funds into Bitcoin has reduced, the volume of USDT funds flowing into the exchanges is pretty high and substantial.
Who are these Bitcoin whales?
A bitcoin whale is a cryptocurrency terminology for an enterprise or an individual with a significant bitcoin quantity. Whales have enough cryptocurrencies to be able to control currency exchange rates. Whales are large Bitcoin holders whose actions upset the waters in which smaller fish swim. According to the 80-20 rule, the top 20% of bitcoin holders own more than 80% of the currency’s value in US dollars.
There is a dedicated analytical and tracker system to analyze the transactions of whales. One such platform is Whale alert, where you are provided with live tracking and analysis of millions of transactions every day. It is evident from their reports that even during the bear market, whales keep on accumulating and adding to their collections, where most of the newbies panic sell.
Bitcoin plunges to $33,184 on Monday
Following the trails of the bloodbath, BTC plunged into another nosedive hitting almost 50% of its price as of its all-time high of $69,000 in November. The altcoins have also taken a punch to the head as a significant follow-up and have gone down by double digits in the last 24 hours.
The blood market is striking fear and uncertainties in the minds of investors. But one must remember that even though the markets are not looking their best right now, that’s how it goes in the world of crypto. If you can’t handle Bitcoin at its worst, you don’t deserve it at its best.