Bitcoin dieback makes way for BTC retail investors
The whale population has sunk to a 5-year low, while there have never been more small fish in the Bitcoin pond. The crumbling BTC holdings of the Exchanges show just how voracious they are.
The bitcoin price is gradually getting back on track. At 57,369 US dollars, the largest cryptocurrency briefly breathed ATH air in the evening hours yesterday. At the time of writing, the largest cryptocurrency is falling back to 54,867 US dollars with a modest daily gain of 0.3 per cent, but it is rising significantly by 8.5 percentage points on a weekly basis. Even if it is not enough for a Bitcoin Revolution breakout above the resistance at 57,000 USD for the time being: The Bitcoin train is rolling again and is making its way to the next ten-thousand hurdle.
Bitcoin price in the weekly chart
In the process, the attention on the crypto market seems to be completely focused on the number one again. BTC market dominance has crept up to just under 62 per cent. For now, the altcoin rally is taking a break. So at least the top 10 altcoins are dropping between 2.6 (Litecoin) and 7.2 (Uniswap) percentage points on the day.
The number of super-rich Bitcoin investors has slipped to a 5-year low. Currently, the on-chain data portal Glassnode counts around 95 Whale specimens who call at least 10,000 Bitcoin their own. At today’s exchange rate, this corresponds to an equivalent value of over 555 million US dollars.
As can be seen from the chart, whale numbers have been in sharp decline since the Bitcoin rally began in mid-November 2020. The fact that the number has decreased since then is probably due to the rapid price increase – the Bitcoin price has more than tripled since then. In addition, the holdings are likely to have thinned out due to profit realisations. After all, large investors are also withdrawing their profits. Ultimately, the deposits could also have been distributed across several wallets.