Preparation for Bitcoin’s next halving event expected in May seems to be in full swing as the number of Bitcoin whales at the moment, is much larger than it has been at any time in the last two years. This was revealed in a recent report by Glassnode.
According to Glassnode, in the latest edition of its Week On-Chain report, not only has the number of Bitcoin whales increased, but the phenomenon is also exactly the same thing that happened back in 2016 when Bitcoin last halved. Glassnode also says that the number kept increasing even before the recent Bitcoin crash, and continued, pointing to confidence in the market.
“The number of whales (i.e. entities with at least 1,000 BTC) increased leading up to last month’s market crash, and accelerated during and after the crash. This suggests that larger market players are accumulating BTC, providing an optimistic sign.”
The report shows that the number of Bitcoin whales is currently about 1,850. This number almost tallies with the number of whales in the second quarter of 2016, as the market also anticipated the halving.
Glassnode believes that the current “uncertain market environment” has not dampened the outlook whales have, which suggests that they believe strongly in Bitcoin’s chances, especially with the upcoming halving.
The report also features speculation from market analysis firm Arcane Research. Arcane used the Net Unrealized Profit/Loss (NUPL) metric, in trying to figure out whether or not Bitcoin could still plunge.
Bitcoin recently dropped to $3,700 with many people suggesting it bottomed at that price. However, since Bitcoin is still in recovery and the whales are still accumulating, it would make sense to suggest that at least for now, the asset might still head upwards.
In February, major crypto exchange Kraken revealed in a report that Bitcoin whales were starting a new phase of accumulation, piling up more Bitcoins into their wallets.