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Whales have increased their positions during the fall in the price of bitcoin

Large holders of the first cryptocurrency on January 11 did not succumb to panic amid the recent drop in quotations and increased their positions. This is indicated by data from Glassnode.

The number of bitcoin addresses holding more than 1,000 BTC rose to a new record (2,140) amid a price dive from $ 38,250 to $ 30,400 and the liquidation of positions in the derivatives market for $ 1.49 billion. The volume of exchange trading exceeded the peak levels of 2017 a day earlier.

Data: Glassnode.

The growth in the number of bitcoin whales in such circumstances indicates the confidence of large investors in the short-term nature of the correction. In previous bullish cycles, gains were often accompanied by pullbacks of 20% or more. The current growth phase is fueled by institutional investment. This is in contrast to the 2017 situation, when it was gripped by a retail craze.

According to Glassnode, the number of whales has grown by 25% over the past year. In particular, the indicator has increased by 200 addresses over the past two weeks.

During the recent correction, the number of addresses holding less than 0.01 BTC decreased slightly. This could signal the withdrawal of some retail investors from the market.

According to the technical director of Glassnode Rafael Schulze-Kraft, a short-term pullback in quotes should not affect confidence in the long-term growth of the first cryptocurrency. The expert believes that new highs in a number of fundamental indicators keep the signal to hold coins.

In early December, Rafael Schulze-Kraft suggested that bitcoin’s price could rise above $ 200,000.

Earlier, billionaire Mark Cuban expressed confidence in the ability of bitcoin and some altcoins to pass the “market bubble”.

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