The number of entities with a balance equal to or above 1000 BTC continues to rise.
The signs are bullish, as we still haven’t broken the upward trend line, despite the dip at the start of September.
The number of #entities with a balance of >= 1k $BTC continues to increase. #Whales#Bullish as we still have not broken the upward trend line despite the dip during the start of September.#Bitcoin #Crypto
— Double-U (@DoubleU_theory) September 14, 2020
BTC crossed above $10,700 on Monday for the first time since September 3rd, and it appears to have been supported by spiking trading volume.
At the time of this report, the flagship crypto traded at $10,687.49 with a daily trading volume of $24.438 billion BTC, price is up 2.7% in the last 24 hours. It has a circulating supply of 18 Million coins and a max supply of 21 Million coins.
In the Bitcoin world, investors or traders who own large numbers of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
As BTC whales accumulate BTCs, Bitcoins circulating supply reduces, and this can weaken any bearish trend BTC finds itself in. This means that over time, it’s possible that as Bitcoin approaches its fixed supply of 21 million coins, the price of BTC will go up, with BTC’s present demand factored in.
Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.
Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from exchange. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
From a macro level, this increase in the number of BTC whales can be considered bullish.