- The number of Bitcoin whales has hit an all-time high.
- That’s according to Glassnode, which labels everyone with at least 1,000 bitcoin per whale.
- Whales have the potential to shape the market.
The number of bitcoin whales hit an all-time high today, data from metrics website Glassnode shows.
Whales are investors who are so rich that trades they place can push prices up or down. Glassnode defines Bitcoin whales as units (individuals or organizations that Glassnode believes have a range of wallets) that contain at least 1,000 Bitcoin, currently worth $ 19 million.
There are currently almost 2,000 Bitcoin whales per Glassnode. The last time there were so many whales was in June 2016, a year before the 2017 Bitcoin bull run.
Earlier this week, a report from Bitcoin analytics firm Santiment found that the number of wallets holding at least 10,000 BTC was also at an annual high.
Bitcoin fanatics have long craved institutional investors and whales. Your battle cry is of course inexhaustible – who determines when institutional investors will finally arrive?
As the wailing continued, institutions and wealthy investors reacted one by one.
Billionaire investors like Stanley Printmiller and Ricardo Salinas Pliego are among the prominent investors in Bitcoin. MicroStrategy bought $ 450 million in Bitcoin this summer. Its CEO, Michael Saylor, regards Bitcoin as “a swarm of cyber hornets that serve the Goddess of Wisdom”.
And big companies are now offering Bitcoin to their customers. PayPal recently launched crypto services for US customers, Robinhood offers commission-free crypto trading, and Square’s Cash app sells crypto to its users.
To serve their growing customers, big institutions like Grayscale (a crypto investment firm), Square, and PayPal are buying up all of the new bitcoin to ensure their customers have enough supply.
However, if a small number of companies hold most of the Bitcoin, the distributed network could get a bit top heavy.