Glassnode’s data shows that the number of whale Bitcoin addresses has jumped despite the market dip. 15,933 Bitcoin addresses now hold at least 100 BTC, which is the highest level since July 2022. The previous one-month high of 15,932 was observed on 26 August.
During the first half of this month, the cryptocurrency market witnessed strong price growth after BTC touched $25,000 on 15 August for the first time since June 2022. However, the second half of August resulted in a massive price plunge across the BTC network. After a dip of more than 20%, Bitcoin touched a low of almost $19,600 on 29 August.
Bitcoin whales are also on the move despite the market correction. On 30 August, a leading crypto whale address moved 3,085 BTC worth more than $63 million from the digital exchange, Coinbase to an unknown wallet. Amid consistent outflows over the past few years, the BTC balance of Coinbase has dropped significantly.
Recently, Binance overtook Coinbase and has become the digital exchange with the largest BTC holdings.
Bitcoin Accumulation
Commenting on the latest crypto market developments and BTC accumulation, Marcus Sotiriou, an Analyst at GlobalBlock, said: “Despite retail interest and liquidity in the crypto market being low, BTC whales may have started to accumulate again. Data from Coinmetrics shows that the 30-day change in Bitcoin held by BTC whales (addresses with 1k-10k Bitcoin) has turned from negative to positive in the past week or so. BTC whales could be deciding that $20,000 is a great deal with a long-term outlook.”
“The crypto market cap fell back below $1 trillion over the weekend, after the Jackson Hole symposium where Federal Reserve chairman Powell reaffirmed the hawkish stance of the U.S. central bank. Meanwhile, the Securities and Exchange Commission has delayed yet another decision on VanEck's latest bid to launch a spot Bitcoin exchange-traded fund (ETF). VanEck was previously denied a spot BTC ETF in November last year,” Sotiriou added.
