Bitcoin Whales Kept Accumulating During Monday’s Crash

Whale address numbers have increased by nearly 25% year on year and have risen by 200 in the past two weeks. The bull run could soon resume, as the network remains healthy and other on-chain indicators are biased bullish, as noted by Rafael Schultze-Kraft, CTO of blockchain analytics firm Glassnode.

Also, sell-side liquidity issues, which aided the third quarter’s meteoric rally, could persist, as 78% of all bitcoin (14.5 million BTC) is now illiquid. “It paints a potential bullish picture for bitcoin in the upcoming months, as less bitcoins are available in the network to be bought,” Glassnode said in a recent report.

Data provided by Glassnode also shows some retail investors or weak hands (investors lacking confidence or resources to hold assets for the long term) have liquidated holdings.

The number of addresses holding less than 0.01 BTC dropped slightly from 8.54 million to 8.53 million total addresses, indicating that some participants responded by selling the drop.

It’s worth noting that metrics based on addresses may not reveal a precise picture, given a single person or entity may hold multiple addresses.

Currently bitcoin is hovering around $33,000

more: coindesk

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