Bullish Case for Bitcoin Grows as BTC Whale Population Tops 3-Year High

Bullish Case for Bitcoin Grows as BTC Whale Population Tops 3-Year High


Recently published data from glassnode shows there are currently more than 1,800 Bitcoin (BTC) whales. From a macro perspective, this increase in the number of whales can be considered bullish.

The term whale is used within the crypto industry to describe an individual investor that holds a large amount of BTC. Typically, whales are early Bitcoin investors or wealthy individuals that newly enter the cryptocurrency market but as institutional investors enter the market perhaps the boundaries of the term will expand to include new entities.

The number of Bitcoin whales increased substantially since March. Source: Glassnode

Why is a rise in whales a positive sign for Bitcoin?

Some analysts believe that a high number of whales in the cryptocurrency market is not ideal because it can concentrate the market into the hands of a few market makers who impact liquidity. 

Furthermore, when a few investors hold a large portion of an asset’s supply, it can increase the risk

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