The number of Bitcoin wallets where at least 1,000 BTC are stored has reached a new all-time high.
This has been revealed by Glassnode, which shows a graph of how the number of addresses with at least a thousand bitcoins has changed over time, pulled from the public blockchain.
Ignoring the early years, as of 2014 this number has remained almost constantly above 1,500 addresses, with a first peak of almost 1,900 in mid-2016.
After a recession that lasted until September 2018, it grew again, surpassing 2,000 for the first time in mid-2019.
Since then it has continued to rise, reaching a new high of 2,425 two days ago.
It should be noted that it has literally exploded in recent weeks, compared to the uptrend of previous months, probably due to the entry of several institutional investors in this market.
Some of these whale wallets belong to exchanges
However, it is worth noting that this number also includes many addresses belonging to exchanges, where user-owned BTC is actually stored, while many investors tend to split their BTC in multiple directions.
So it would be wrong to say that there are less than 2500 people in the world who have at least 1000 BTC in their wallets, but it is still possible to say that whale addresses They are increasing.
By the way, in total, these 2,425 addresses contain around 8 million BTC, out of a total of 18.6 million (that is, less than half), while 52% of the existing BTC in the world is held in addresses that have between 1 and 1000 BTC.
The fact that there is an increase in the amount of bitcoins stored in huge addresses, with 1,000 BTC equaling roughly $ 35 million, suggests that large institutional investors may try to hold for the long term. If this is the case, it would generate a shortage of supply in the markets, which would cause a price increase.
Another very interesting aspect of the Glassnode chart is the comparison between the current data, with BTC at $ 35,000, and that of, for example, 2018, when the price fell below $ 3,500 after being at $ 20,000.
At that moment, the number of addresses with at least 1,000 BTC never fell below 1,600, it even rose to 1,800 at the same time of the crash below $ 3,500.
In other words, there seem to be very few whales ready to sell large amounts of bitcoins on the market when the price drops, although you always have to remember that these numbers include exchange addresses.