The number of Bitcoin (BTC) wallets that hold more than 1,000 BTC has reached new highs. According to data provided by Unfolded, BTC addresses with more than 1,000 BTC have been growing for more than 2 years. This shows that large investors continue to be Bullish about cryptocurrencies and specifically about Bitcoin.
Bitcoin Whales Expand Amid Bullish Sentiment
After Bitcoin’s move above $13,000 in recent days, we see that Bitcoin whales remain excited about the future of the digital currency. Indeed, large holders (those that hold more than 1,000 BTC) continue to grow.
There are more than 2200 unique addresses with a higher balance than 1,000 BTC. This does not include those users and investors that may have their funds divided into different wallets. The data shared by Unfolded is also showing that there has been an increase in large BTC holders since September 2018.
These addresses with more than 1,000 BTC remained stable between September 2019 and August 2020, however, the recent price increase for BTC has helped increase the number of Bitcoin whales that are now holding – at current prices – more than $13 million USD. This is an all-time high for BTC holders and shows that many large investors are placing their funds in the market.
— unfolded. (@cryptounfolded) October 26, 2020
This increase in BTC holders of over 1k comes after several companies and high profile individuals announced they were adding Bitcoin to their portfolios. For example, MicroStrategy decided to buy $425 million in Bitcoin. Square, the company founded by Jack Dorsey, decided to buy $50 million in BTC.
The list of companies and investors that decided to acquire large amounts of Bitcoin continues to increase as the digital asset shows it is ready to move to new highs in the near future. The largest virtual currency is now being traded around $13,080 and it has a market valuation of $242.3 billion.
Despite the bullishness in the cryptocurrency market for Bitcoin, other altcoins are not able to experience growth rates similar to Bitcoin. In the last week, Bitcoin was the largest gainer among the top 7, showing that no other large altcoin is able to register the gains BTC experienced in recent weeks.
Another virtual currency that registered large gains in the last days was Litecoin that grew by over 18% during that period of time.