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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Bitcoin Whales Plummets To 2019 lows, What This Means For BTC

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Ethereum Whale

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Despite Bitcoin’s significant upside trend in the past month, not everything is as green as it seems. According to data from crypto analytics firm, Glassnode, Bitcoin whales, which reached a significant peak in 2021, have plummeted to lows last seen in 2019. 

Wallets holding a total amount of nothing less than 10,000 Bitcoin, currently worth $2.4 million, reached a low of 2,027 on February 19, a figure close to the one recorde in August 2019. 

Bitcoin number of addresses.
Bitcoin number of addresses. | Source: Glassnode

The number of Bitcoin whales reached an all-time high of nearly 2,500 in 2021 amid the bull season and has dropped gradually ever since. The reason behind the gradual decline is still unclear as some can be traced to whales turning mega whales or whales taking profit and moving on from the crypto market. 

Mega Whales And Shrimps On The Rise?

While Bitcoin whales decreased, other investors, such as mega whales and shrimps, rose. Mega whales holding at least 10,000 BTC worth $247 million at the current price have surged. Bitcoin records 117 mega whales, a figure close to the historical highs of 123 seen in November 2022 and 126 recorded in October 2018. 

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In contrast, smaller holders called shrimps, holding less than 1 BTC, have gradually increased in numbers over the past years. Despite the drastic decline in Bitcoin’s price, dropping from its all-time high of $69,000 in November 2021 to below $18,000 late last year. 

The number of wallets holding at least one BTC is currently at 982,000, surging from the low of 814,000 recorded last year and a deeper low of 788,000 seen in February 2020. 

Bitcoin shrimp addresse
Bitcoin shrimp addresses. | Source: Glassnode

Overall, the increase in Bitcoin’s whales and shrimps has mirrored the price of BTC itself since the beginning of the year. Over the past month, BTC has risen from ranging of $16,000 last December to above $25,000 in February, up by 40% 

Bitcoin (BTC) Continous Rally 

Over the past 24 hours, BTC has continued the upward rally by 3% after a slight retracement Sunday night. The asset has significantly contributed to the bullish trend of the global cryptocurrency market capitalization, with its market dominance of 40.5%.

Furthermore, the past few weeks have been bullish for BTC, especially since the beginning of the year. BTC has moved from the $16,000 price tag seen late last year to trading above $24,000 at the time of writing.

Bitcoin (BTC/USDT) price chart on TradingView
Bitcoin is moving sideways on the 1-day chart. Source: BTC/USDT on TradingView.com

Notably, BTC trading volume has also surged significantly alongside its price, indicating investors increasing interest in the most significant crypto by market cap. The crypto asset’s trading volume has risen from a low of $16.8 billion to a high of $46 billion as of February 20.

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Bitcoin Puell Multiple Hits 14-Month High, Here’s What It Means

1 year ago

Though BTC has been climbing since the beginning of the year, it is still 63.99%, down from its all-time high of $69,000 in 2021. With the increasing adoption of the lightning network and the emergence of Bitcoin NFTs, there is a lot of potential for further bullish continuation. 

Featured image from Unsplash, Chart from TradingView.
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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