In the latest bull market, the number of Bitcoin whales reached a record high

In today's world of digital currency, Bitcoin, as a widely recognized virtual asset, is no longer just an investment tool, but also a symbol of wealth appreciation for many people. With the arrival of the latest bull market, the price of Bitcoin has soared again, attracting the attention of countless investors. In this wave of enthusiasm, the number of Bitcoin whales has reached a record high, and this phenomenon has triggered widespread discussion and analysis. So, what is a Bitcoin whale? Why has their number surged? What kind of market logic and future trends are hidden behind these phenomena?

Bitcoin whales are usually defined as investors or institutions that hold a large number of Bitcoins. The number of Bitcoins owned by these whales is usually more than a thousand, or even tens of thousands, far exceeding the holdings of ordinary investors. As the supply of Bitcoin gradually decreases, the market demand for it is increasing. The existence of whales not only affects the liquidity of the market, but also determines the price fluctuations to a certain extent. Recently, with the arrival of the bull market, many investors have flocked to the market, and the number of whales has risen accordingly, reaching a record high.

In this round of bull market, many factors have jointly promoted the growth of Bitcoin whales. First of all, the participation of institutional investors is a factor that cannot be ignored. In recent years, more and more institutions have begun to include Bitcoin in their investment portfolios. For example, well-known companies such as Tesla and MicroStrategy have begun to purchase Bitcoin on a large scale and regard it as an important means of asset preservation. The entry of these institutions has not only increased the inflow of funds in the market, but also increased the market recognition of Bitcoin, attracting more individual investors to join.

Secondly, the uncertainty of the global economy is also one of the important reasons for the increase in the number of Bitcoin whales. Under the influence of the epidemic, the economies of many countries are facing challenges, and central banks have adopted loose policies to stimulate economic recovery. In this environment, many people have begun to seek assets that can fight inflation. Bitcoin, as a scarce digital currency, has become a "safe haven" in the eyes of investors. A large number of investors have poured into the market, further promoting the growth of the number of whales.

At the same time, the dissemination effect of social media should not be underestimated. With the popularity of Bitcoin and other digital currencies, discussions about these assets on social media have become more and more heated. Many investors share their investment experience and market analysis through platforms such as Twitter and Reddit, attracting more people to pay attention to Bitcoin. This community effect has made more and more people willing to invest in Bitcoin, thereby driving the growth of the number of whales.

In this upsurge, the participation of many ordinary investors has also changed the market pattern. Some of them even spend huge sums of money to buy Bitcoin in an attempt to get rich returns in the bull market. However, this phenomenon has also caused concerns among some experts that overheating of the market may lead to the formation of bubbles. After all, market sentiment is often unpredictable, and excessive optimism may cause investors to take over at high levels and eventually suffer losses.

It is worth noting that although the number of Bitcoin whales is increasing, the concentration of the market is also increasing. According to statistics, about 60% of Bitcoin is currently held by the top 100 addresses. This concentration phenomenon affects the liquidity of the market, and the trading behavior of whales may have a significant impact on market prices. For example, when a whale decides to sell its Bitcoin holdings, it may cause panic in the market and cause prices to fall sharply. Therefore, ordinary investors need to be highly vigilant about the movements of whales when participating in the market.

In addition, as the number of Bitcoin whales increases, the competition in the market is becoming more and more fierce. Some investors are beginning to seek new investment strategies to gain an advantage in this rapidly changing market. For example, many investors have begun to pay attention to technical analysis and market trends in order to better grasp the timing of buying and selling. At the same time, some investors have also begun to try to use advanced investment tools such as quantitative trading to improve their investment returns.

Many analysts are cautiously optimistic about the future market trend. Although the number of Bitcoin whales is increasing, the risks in the market are also increasing. After a period of rise, the market may face the pressure of a correction. In this regard, investors need to remain rational and not blindly follow the trend. At the same time, with the continuous improvement of regulatory policies, the transparency of the market is expected to increase, which will help attract more institutional investors to enter the market, thereby promoting the further development of the market.

The surge in the number of Bitcoin whales is not only a microcosm of market changes, but also an important indication of the future development of digital currencies. As more and more people pay attention to Bitcoin, how this phenomenon will affect the direction of the market is worth our deep consideration. Although the future of Bitcoin is full of variables, it is certain that it has become an indispensable part of the modern financial market. For investors, a deep understanding of the logic behind the market can be invincible in this ever-changing market.

The number of Bitcoin (BTC) whales reached an all-time high during last week’s price rally.
On October 20, there were 2,178 Bitcoin addresses holding at least 1,000 BTC. By October 25, that number had increased to 2,231. At current prices, 1,000 BTC is worth about $13 million.

Source: Glassnode

Based on this data, we can surmise that whales control at least 2.23 million BTC, a figure that equates to 12% of the current supply.

Source: BitcoinCharts

According to data from BitcoinCharts, these whale addresses actually control 7,902,469 BTC, or 42% of the total supply. Although we know the number of whale addresses, we don’t know how many individuals or entities control them. Multiple addresses can be controlled by a single entity, or similarly, a single address can be controlled by multiple parties using a multi-signature wallet.

Source: Glassnode

Researchers claim that around 1.1 million BTC are controlled by Satoshi Nakamoto, the creator and original miner of Bitcoin. The vast majority of Bitcoins believed to belong to Satoshi Nakamoto have never been moved.

We can also observe an increase in the “hoarding” pattern – the percentage of Bitcoin supply that has not changed addresses for some time. 62% of the supply has not changed addresses in at least a year, while nearly a third of the supply has not changed addresses in three years or more.

Despite Bitcoin’s highest weekly close since 2018 in the past week, most whales and hoarders do not seem to be in a rush to sell their Bitcoin.

In general, the number of Bitcoin whales in the recent round of bull market has reached a record high, reflecting the market's strong attention and recognition of Bitcoin. Both the participation of institutional investors and the enthusiasm of ordinary investors are driving this phenomenon. However, the risks in the market are also increasing. While chasing profits, investors need to keep a clear head. How the Bitcoin market will develop in the future is still a field full of challenges and opportunities, which deserves in-depth research and thinking by every investor.

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