Express

Bullish or Bearish? The Number of Bitcoin’s “Whale” Addresses has dropped

Yi Yang

Summary: As blockchain analytics firm Glassnode’s research suggested, the number of addresses holding at least 10000 BTC has declined by 8% from May. While the biggest holders are cutting off their assets, the number of lower-value bitcoin holders is growing, as shown by Glassnode’s data. Some view the decline as a sign ...

As blockchain analytics firm Glassnode’s research suggested, the number of addresses holding at least 10000 BTC has declined by 8% from May.

While the biggest holders are cutting off their assets, the number of lower-value bitcoin holders is growing, as shown by Glassnode’s data. Some view the decline as a sign of bearishness, but Richard Rosenblum, co-founder of GSR, suggests that it’s “bullish to see” the crypto market decentralizing.

However, statistics has its limits. The growth in addresses could be attributed to multiple registrations of a single user or an exchange platform.