149,127 Bitcoin Addresses Hold at Least 10 BTC

Glassnode, an on-chain analytics platform, recently highlighted a sharp rise in the total number of Bitcoin whale addresses. 149,127 BTC addresses now hold at least 10 Bitcoin, which is the highest level since August 2021.

The previous 11-month high of 149,120 was observed yesterday. Since March 2022, the overall number of Bitcoin whales has jumped substantially. Glassnode’s data shows that approximately 145,500 Bitcoin addresses held at least 10 BTC in March 2022.

Yesterday, a significant BTC whale movement was highlighted by Whale Alert. According to the details shared by the blockchain tracking firm, someone moved 3,492 BTC worth more than $75 million from Coinbase to an unknown wallet. The mentioned transfer was executed at around 00:51 UTC.

The latest rise in the total number of BTC whale addresses indicates the accumulation trend of leading crypto accounts in the bearish market. The crypto market cap is down by nearly 70% since November 2021. However, the last seven days have witnessed a decent recovery across the digital asset market as BTC climbed by 12% and Ethereum saw a price jump of approximately 16%.

Bitcoin Recovery

Commenting on the recent jump in BTC and the potential impact of the macroeconomic situation on the crypto market, Marcus Sotiriou, an Analyst at GlobalBlock, said: “Bitcoin finally saw some relief yesterday, topping out at around $22,500, as the S&P 500 climbed 1.5%. There is some renewed optimism that the worst of the liquidity crisis may be behind us after SBF’s re-assurance on Wednesday.”

“The only Bitcoin bottom signal for me is persistent data showing us that inflation is convincingly inflecting down. This should result in the Federal Reserve becoming less aggressive with their monetary policy, and, therefore, provide confidence that the liquidity crisis in the crypto market is over,” Sotiriou added in a recent research note.