The number of Bitcoin whales is falling. Glassnodes thinks this could trigger a new bull run. The growth in the number of Bitcoin whale accounts is slowing, according to Glassnode. The cryptocurrency analytics firm says this is a sign of another bull run. Glassnode uses historical data to support this theory.
According to cryptocurrency analytics site Glassnode, the increase in the number of Bitcoin whales is slowing.
Glassnode reported in the “On-Chain Week” report released today that the increase in the number of Bitcoin assets and the number of accounts holding more than 1,000 Bitcoin ($ 11 million) slowed during September.
Glassnode noted in his report that things are going well for whales all year round. In the report, the general trend was highlighted, saying “organizations holding more than 1,000 Bitcoin are constantly growing, showing trends similar to 2012 and 2014 and 2015”. But in September, things broke down for major Bitcoin holders as growth receded. The number of Bitcoin whales had steadily declined in the last quarter of 2019 as it is now.
So what does all this mean for the Bitcoin market? Contrary to popular opinion that the selling pressure of whales lowers the price, Glassnode noted that this is good for Bitcoin.
Looking at the data since 2010, Glassnode spotted the following trend: “The onset of a decline in the number of BTC whales often indicates increased interest from retail investors and the beginning of reaching the top of the market.”