Bitcoin Whale Wallets With 1000+ BTC Or More Spike To Highest Levels In History

Tony "The Bull" Severino

1 year ago

3 mins read

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Bitcoin price is only a mere few hundred dollars away from setting a higher high and confirming a new bull market. Coinciding with what appears to be a breakout ready to happen, whale-sized wallets holding more than 1000 BTC have surged to the highest level in the asset’s history.

Is this it – is the next cryptocurrency bull market based on Bitcoin’s block reward halving as the stock-to-flow model predicts, finally here?

Big Buyers Prepare For Crypto Bull Run By Accumulating Bitcoin

Bitcoin has been bullish all throughout 2020, even becoming the best performing mainstream asset beating out gold, stocks, and more. The leading cryptocurrency by market cap started off the year bullish, leading into the block reward halving in May.

But before the day arrived, the pandemic struck and the stock market selloff on Black Thursday caused Bitcoin’s uptrend to collapse.

The cryptocurrency and stocks have been on a tear since, with Bitcoin only recently decoupling due to network effect and adoption metrics rising.

Whale wallets over 1000 BTC grow to historic levels | Source: Glassnode, via Arcane Research

For example, non-zero BTC wallets and active wallets have recently reached new highs, and now, even whale-sized wallets holding 1000 BTC or more have spiked to the highest levels ever.

But what exactly is behind the sudden surge?

Whale-Sized Wallets With 1000 BTC Or More Reach New Highs, Is Price Next?

According to data, BTC addresses with a balance of 1000 BTC or more have grown to the highest level ever. These whales hold enough Bitcoin, that if the cryptocurrency ever reaches prices of $1 million per BTC as predictions reach, they’d have $100 million USD worth of the cryptocurrency.

And that could be precisely the reason for the number increasing. With the expectation that Bitcoin’s valuation could rise to such levels, whales are preparing for the long haul. At current prices, that sized wallet worth of BTC would be valued at over $13 million today.

Bitcoin closes in on setting a higher high for the first time since 2017 | Source: BTCUSD on TradingView.com

Another theory for the increase in 1000+ BTC wallets could be more corporations following suit suddenly, and buying BTC on OTC markets to hedge against inflation and the dying buying power of the dollar.

The pandemic and resulting stimulus money has wreaked havoc on the monetary supply and caused a rapid imbalance further against the scarce supply of just 21 million BTC.

Currently, just 23 companies alone hold over 786,000 BTC or more than 3% of the total supply. The more 1000 BTC whale-sized wallets there are, the even less Bitcoin there will be to go around for small fish investors.

Featured image from Deposit Photos, Chart from TradingView.com, Arcane Research, and Glassnode

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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