Despite the decline in Bitcoin price in early April, the "whales" - a term referring to investors who own large amounts of Bitcoin - continue to actively accumulate assets.
According to data from glassnode, since the beginning of March, the number of Bitcoin wallet addresses holding over 1,000 BTC has surged, indicating a continuous accumulation trend of Bitcoin whales. As of April 15, the number of whale wallets increased from 2,037 wallets (recorded at the end of February) to 2,107 wallets, the highest in four months.
This increase has brought the whale wallet index back to the levels reached during the two previous explosions in November and December, when the cryptocurrency market boomed strongly after the US presidential election with Donald Trump's victory. Nevertheless, the historical record for the number of Bitcoin whale wallets was set in February 2021, when the number of addresses holding over 1,000 BTC nearly reached the 2,500 wallet threshold.
Not only large wallets, but the number of addresses holding over 100 Bitcoin is also slightly increasing this year. According to glassnode, as of April 20, there were 18,026 wallets holding over 100 BTC. However, conversely, the number of small wallets holding less than 10 BTC has been gradually decreasing in recent months, showing a clear differentiation between large and small investors.
Additionally, Bitcoin whales are currently absorbing Bitcoin supply at a record rate, up to over 300% compared to the annual release rate, while the amount of Bitcoin on exchanges continues to decline. glassnode also emphasizes that whales holding over 10,000 Bitcoin are still maintaining a strong accumulation status, especially during recent price corrections.
