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Is the Bitcoin Rally Ending? Whales Transfer Wealth to Retail Investors

According to analytics provider, Glassnode, current on-chain indicators suggest the Bitcoin bull market is preparing to enter into its later stages.

In its recent report, Glassnode noted that despite the decrease in the reserves of large whales, Bitcoin addresses holding 1 bitcoin or less have been actively increasing since March 2018.


The chart above shows that holders between 1,000 and 10,000 BTC have reduced their inventories by 307,000 BTC since the beginning of the year. Holders from 10 to 100 BTC also reduce reserves, but to a lesser extent: 56,000 BTC.

The only holders who have increased the cryptocurrency since the beginning of the year were owners from 100 to 1000 BTC. Their growth amounted to 331,000 BTC.

Change of class for Bitcoin

Three years ago, Satoshi holders (one hundred millionth bitcoin 0.00000001 BTC) accounted for 3.97% of the total supply. However, they have accumulated another 1.23% since then.


Thus, small Bitcoin holders own up to 5.20% of all mined bitcoins. According to Glassnode, the constant accumulation of small holders is showing a willingness to HODL through volatility with the trend unbroken from mid-2018 through the chaos of 2020.

Read also: Bitcoin May Rally to $300,000 by the End of 2021 – Bobby Lee

Moreover, the number of holders from 0.1 to 1 BTC increased significantly immediately after the fall of Bitcoin in March 2020. Despite a slight decline during the rally to $42,000, the BTC of satoshi holders again reached a record high, analysts concluded.

Glassnode’s view is also in line with Jiang Zhuoer, CEO of the Chinese mining pool BTC.TOP. According to his March 21 statement, the flagship cryptocurrency will enter a bearish trend next summer due to global economic recovery amid the launch of the COVID-19 vaccine.

Despite the bearish outlook, Zhuoer notes that institutional investors can make a difference. He stated that the addition of Bitcoin to the reserves of big companies such as Tesla and MicroStrategy has prevented the decline of interest in cryptocurrencies and will act as a catalyst for the reversal of the market.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

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