TLDR
- Bitcoin whale wallets holding over 1,000 BTC have increased since late October.
- The number of Bitcoin whale wallets rose by 2.2% to reach 1,384 on November 17.
- Smaller Bitcoin holders have faced pressure as the number of wallets holding less than 1 BTC has fallen.
- Bitcoin’s price dropped below $90K, leading to a decline in the Crypto Fear & Greed Index.
- Some industry experts view Bitcoin’s current price as a “generational opportunity” for long-term investors.
Bitcoin whale wallets have surged as the price of Bitcoin struggled this week. The crypto markets saw a sharp drop, with Bitcoin dipping to as low as $89,550 on Tuesday. Data from Glassnode indicates that whales have been accumulating Bitcoin since late October.
Bitcoin Whales Accumulate as Smaller Holders Shrink
The number of Bitcoin whale wallets holding more than 1,000 BTC rose notably starting Friday. Glassnode’s data shows an increase from 1,354 wallets on October 27 to 1,384 wallets on November 17. This surge in whale wallets reflects a 2.2% increase, reaching levels not seen in the past four months.
In contrast, wallets holding less than 1 BTC have faced a decline. The total number of these wallets fell from 980,577 on October 27 to 977,420 on November 17. This drop highlights how Bitcoin’s recent price downturn has pressured smaller holders.
Markus Thielen, the head of research at 10X Research, commented that while there is still some selling, the overall trend shows increased buying from whales. “Whales are absorbing some of the selling, but the market still shows net selling by larger holders,” he stated. Despite these market dynamics, the number of whale wallets holding more than 1,000 BTC has increased, indicating substantial accumulation by Bitcoin whales.
Bitcoin Below $90K and Investor Sentiment Shifts
Bitcoin’s recent dip below $90K has led to a decline in the Crypto Fear & Greed Index. The index dropped to “extreme fear,” scoring 11 out of 100. This reflects the market’s uncertainty as Bitcoin struggles to hold key psychological levels.
Despite the market’s downturn, some industry executives see the current price as a buying opportunity. Matt Hougan, chief investment officer at Bitwise Asset Management, called the current price a “generational opportunity.” He believes Bitcoin is nearing its bottom and that long-term investors should consider buying at these levels.
While the market sentiment appears fearful, Bitcoin whales have shown resilience. Cameron Winklevoss, co-founder of Gemini, shared a more optimistic outlook. He posted that this could be “the last time you’ll ever be able to buy Bitcoin below $90K.” Analysts like TheCryptoDog also see a potential for Bitcoin to bounce back soon, noting key support levels that may trigger a rally.
