{"id":401213,"date":"2019-10-11T22:00:13","date_gmt":"2019-10-11T22:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=401213"},"modified":"2024-06-11T13:31:01","modified_gmt":"2024-06-11T13:31:01","slug":"more-whales-are-hoarding-bitcoin-after-accumulating-during-bear-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/more-whales-are-hoarding-bitcoin-after-accumulating-during-bear-market\/","title":{"rendered":"More Whales Are Hoarding Bitcoin After Accumulating During Bear Market"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">A new data set has emerged that shows the growth in <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> addresses holding more than 1000 BTC, and it is currently experiencing a new high following the bear market.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But what does this information mean? Was smart money buying up Bitcoin from retail investors dumping their crypto at a loss? Or is the HODL effect spreading like wildfire, and more and more crypto investors are buying up as much of the limited Bitcoin supply ahead of the halving?<\/span><\/p>\n<h2>Number of Addresses HODLing More Than 1000 BTC Spikes Amidst Bear Market<\/h2>\n<p class=\"p1\"><span class=\"s1\">Holding through bear markets may be painful and even frightening for bullish investors who bought high, but don\u2019t want to sell low. But for others, it can be an opportunity of a lifetime to accumulate an asset at its lowest possible price for the greatest financial reward.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">And that\u2019s exactly what had happened during the 2018 crypto winter, as can be seen by the growth of Bitcoin addresses containing more than 1000 BTC.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/11\/send-bitcoin-and-other-crypto-to-uncensorable-personalized-domain-addresses\/\">Send Bitcoin and Other Crypto To Uncensorable, Personalized Domain Addresses\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">After <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> hit its peak in 2017 of $20,000, there was an abrupt decline in the number of addresses holding more than 1000 BTC. The number mostly flatlined throughout most of 2019, but just ahead of the deep November drop \u2013 the drop that pushed Bitcoin below support at $6,000 and sent it to its bear market bottom \u2013 the number of addresses holding more than 1000 BTC rose by nearly 20%.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">As soon as Bitcoin reached its bottom at roughly $3,150, the number of addresses containing 1000 BTC or more spiked yet again. Just ahead of the April 2019 rally that sent the asset parabolic, yet another spike happened, taking the number from a bear market low around 1500 addresses with 1000 BTC or more, to 2000 &#8211; or a 25% total rise.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Number of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> addresses holding more than 1000 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> \ud83d\udc40 <a href=\"https:\/\/t.co\/SGdBXrob5e\" rel=\"nofollow\">pic.twitter.com\/SGdBXrob5e<\/a><\/p>\n<p>&mdash; glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/96146432?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 11, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin addresses holding more than 1000 BTC seems to rise just ahead of any major drops, and the metric did once again just ahead of the September 24 drop that sent Bitcoin below $10,000 to its current trading range.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">It\u2019s now at a five-year high, according to a chart shared by <a href=\"https:\/\/glassnode.com\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Glassnode<\/a> \u2013 a crypto market analysis and data intelligence firm.<\/span><\/p>\n<h2>Are Whales and Smart Money Accumulating Bitcoin Ahead of the Halving?<\/h2>\n<p class=\"p1\"><span class=\"s1\">But what exactly does this mean? For one, it could mean that smart money or whales had been accumulating <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> at the lowest prices possible after the massive retail selloff following the 2017 bubble. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to Wyckoff\u2019s accumulation model, the best investors load up on an asset at its bottom and then drive up the prices in a markup phase. This appears to be exactly what happened, suggesting that Bitcoin was accumulated heavily, and this is just the start of the markup phase.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/08\/experts-weigh-in-on-the-future-of-bitcoin-and-blockchain\/\">Experts Weigh In On The Future of Bitcoin and Blockchain<\/a>\u00a0<\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Alternatively, the store of value narrative and digital scarcity of Bitcoin could have caused the HODL effect to spread, and crypto investors to try and buy up as much of Bitcoin\u2019s incredibly scarce supply ahead of an upcoming supply reduction in May 2020.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">There are only 21 million BTC that will ever exist, and although 1000 BTC is only just 0.004% of the supply, the number is quite significant when considering the world\u2019s population and the cryptocurrencies use case of potentially replacing money as we know it.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">And while 0.004% of the BTC total supply may seem insignificant, this amounts to over $8 million USD at current prices.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new data set has emerged that shows the growth in Bitcoin addresses holding more than 1000 BTC, and it is currently experiencing a new high following the bear market. But what does this information mean? Was smart money buying up Bitcoin from retail investors dumping their crypto at a loss? Or is the HODL effect spreading like wildfire, and more and more crypto investors are buying up as much of the limited Bitcoin supply ahead of the halving? Number of Addresses HODLing More Than 1000 BTC Spikes Amidst Bear Market Holding through bear markets may be painful and even frightening for bullish investors who bought high, but don\u2019t want to sell low. But for others, it can be an opportunity of a lifetime to accumulate an asset at its lowest possible price for the greatest financial reward. And that\u2019s exactly what had happened during the 2018 crypto winter, as can be seen by the growth of Bitcoin addresses containing more than 1000 BTC. Related Reading | Send Bitcoin and Other Crypto To Uncensorable, Personalized Domain Addresses\u00a0 After Bitcoin hit its peak in 2017 of $20,000, there was an abrupt decline in the number of addresses holding more than 1000 BTC. The number mostly flatlined throughout most of 2019, but just ahead of the deep November drop \u2013 the drop that pushed Bitcoin below support at $6,000 and sent it to its bear market bottom \u2013 the number of addresses holding more than 1000 BTC rose by nearly 20%. As soon as Bitcoin reached its bottom at roughly $3,150, the number of addresses containing 1000 BTC or more spiked yet again. Just ahead of the April 2019 rally that sent the asset parabolic, yet another spike happened, taking the number from a bear market low around 1500 addresses with 1000 BTC or more, to 2000 &#8211; or a 25% total rise. Number of #Bitcoin addresses holding more than 1000 $BTC \ud83d\udc40 pic.twitter.com\/SGdBXrob5e &mdash; glassnode (@glassnode) October 11, 2019 Bitcoin addresses holding more than 1000 BTC seems to rise just ahead of any major drops, and the metric did once again just ahead of the September 24 drop that sent Bitcoin below $10,000 to its current trading range. It\u2019s now at a five-year high, according to a chart shared by Glassnode \u2013 a crypto market analysis and data intelligence firm. Are Whales and Smart Money Accumulating Bitcoin Ahead of the Halving? But what exactly does this mean? For one, it could mean that smart money or whales had been accumulating Bitcoin at the lowest prices possible after the massive retail selloff following the 2017 bubble. According to Wyckoff\u2019s accumulation model, the best investors load up on an asset at its bottom and then drive up the prices in a markup phase. This appears to be exactly what happened, suggesting that Bitcoin was accumulated heavily, and this is just the start of the markup phase. Related Reading | Experts Weigh In On The Future of Bitcoin and Blockchain\u00a0 Alternatively, the store of value narrative and digital scarcity of Bitcoin could have caused the HODL effect to spread, and crypto investors to try and buy up as much of Bitcoin\u2019s incredibly scarce supply ahead of an upcoming supply reduction in May 2020. There are only 21 million BTC that will ever exist, and although 1000 BTC is only just 0.004% of the supply, the number is quite significant when considering the world\u2019s population and the cryptocurrencies use case of potentially replacing money as we know it. And while 0.004% of the BTC total supply may seem insignificant, this amounts to over $8 million USD at current prices.\u00a0<\/p>\n","protected":false},"author":517,"featured_media":401214,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,434,6664,4423,14781],"class_list":["post-401213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-addresses","tag-crypto","tag-wallets","tag-whales"],"acf":[],"yoast_head":"\n<title>More Whales Are Hoarding Bitcoin After Accumulating During Bear Market<\/title>\n<meta name=\"description\" content=\"A new data set has emerged that shows the growth in Bitcoin addresses holding more than 1000 BTC, and it is currently experiencing a new high following\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/more-whales-are-hoarding-bitcoin-after-accumulating-during-bear-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More Whales Are Hoarding Bitcoin After Accumulating During Bear Market\" \/>\n<meta property=\"og:description\" content=\"A new data set has emerged that shows the growth in Bitcoin addresses holding more than 1000 BTC, and it is currently experiencing a new high following\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/more-whales-are-hoarding-bitcoin-after-accumulating-during-bear-market\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-11T22:00:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:31:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/bitcoin-whale-addresses-shutterstock_776180275.jpg?fit=4913%2C3104\" \/>\n\t<meta property=\"og:image:width\" content=\"4913\" \/>\n\t<meta property=\"og:image:height\" content=\"3104\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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