There are more Bitcoin (BTC) whales now than at any point in the past two years — and that mimics a trend from its 2016 halving, data shows.
In its latest Week On-Chain report on April 9, monitoring resource Glassnode revealed that current numbers of major Bitcoin investors are extremely similar to early 2016.
Glassnode: whales see “room for growth”
Specifically, 30 days before Bitcoin’s 2020 halving, the number of entities holding at least 1,000 BTC ($6.92 million) is now just under 1,850. At the start of Q2 2016, several months before the previous halving, the number of such entities was almost exactly the same.
The almost uncanny resemblance between these two identical points in two Bitcoin halving cycles suggests that whales know the market well.
Glassnode summarized:
“This trend implies that despite an uncertain market environment, whales remain confident that now is a good time to be accumulating BTC, suggesting that they believe there is further room for growth.”
Bitcoin entities with 1,000 BTC or more. Source: Glassnode
Spotlight on accumulation, large and small
Comments from known whales appear to confirm the belief in future upside. Earlier this week, Bitfinex-based J0e007 delivered criticism of one Bitcoin price model which, he argued, was too optimistic about the speed at which the cryptocurrency would hit $100,000 or more.
At press time, BTC traded at around $6,900 — $300 lower year to date, having failed to hold support closer to $7,500 in line with expectations.
Meanwhile, it is not just whales who are accumulating. Last month, Glassnode noted that wallets containing a balance of at least 1 BTC were seeing new highs.
At the time, Cointelegraph cited in-house analyst Keith Wareing, who further believes that major miners will use lower prices to consolidate their positions and accumulate more BTC prior to the halving, scheduled for mid-May.
