The Number Of 'Bitcoin Whales' Has Just Dropped To A Significant Low

On Monday, the number of bitcoin whales fell to their lowest level in five and a half months, according to data from blockchain data analytics company Glasssnode.

Specifically, the number of bitcoin whales - defined as wallet addresses from a single network participant with more than 1,000 bitcoins - has dropped to just 1,943.

This corresponds to a 13% drop in the number of bitcoin whales since a record 2,237 on February 7, 2021. It can be said that the bitcoin cryptocurrency market has lost more than 60 whales, or 3% of the total amount in just the past few days.

The data seems to be down as it shows a clear trend that whales have reduced their crypto holdings," said Pankaj Balani, co-founder and CEO of Singapore-based Delta Exchange. .

But despite the recent decline in bulk bitcoin holders, the total number of bitcoin whales has increased by around 8% since June of last year. However, some experts have warned that Ethereum's recent rise in price may be attracting the attention of individuals in exiting this top cryptocurrency.

Ethereum has crossed past record highs to trade at over $ 4,000 recently. The cryptocurrency is up 87% in the past month, compared with a roughly 6% decline in bitcoin in the same period.

Experts at market research firm Vanda Research have warned that turning to Ethereum from bitcoin could lead to a "2017-style" correction, which is happening in the crypto market, in a customer note earlier this week.

Pankaj Balani thinks that bitcoin could slide to as low as $ 40,000 in the near future, after hitting a critical resistance level. Of course, not all of the news about bitcoin has been negative. There are some indications that institutional investors are still interested in more exposure to the crypto space, and in particular bitcoin.

Palantir said its exchange is accepting bitcoin as a form of payment and has even considered holding the cryptocurrency on its balance sheet.

Paypal billionaire co-founder Peter Thiel, Galaxy Digital's Mike Novogratz and several other prominent investors have also announced that they are backing a new cryptocurrency exchange called Bullish Global this week.

Bullish currently has $ 10 billion in investor support and is set to bring more crypto to institutions, according to a press release from Block.one, Bullish Global's parent company.