Over 200 New Bitcoin Whales Appeared in the Network Since the Beginning of 2021

It’s not just institutional investors, funds, family offices, and other HNWI that have also been entering the space since 2020; smaller holders are growing just as strongly.

The price of Bitcoin continues to range between $30,000 and $40,000 after marking a local top at $42,000 ATH on Jan. 8.

Despite this consolidation in Bitcoin prices, institutions are using this lull as an opportunity to accumulate BTC.

So far, in 2021, the number of bitcoin whales — entities holding more than 1,000 BTC — has seen an “astounding” increase. In just over a month, more than 200 new whales have appeared in the network.

This supports the case that institutions are arriving, notes Glassnode.

While this whales’ BTC accumulation has been happening since the March 2020 sell-off, it gained momentum this year as Bitcoin prices rallied from $29k to $42k.

With only 22% of Bitcoin’s circulating supply liquid and accumulation going at such a fast pace, it all points to bullish investor sentiment.

However, it’s not just the whales that are growing; smaller holders are growing just as strongly.


Source: Glassnode

About an estimated 40% of the available supply is controlled by small and medium holders who are holding less than 100 BTC.

The distribution of Bitcoin supply continues to get better as out of the 14.9 million BTC available, 3.7 million BTC are lost, and Fish and smaller holds (those with less than 100 BTC) to Dolphin/Shark (holding 100-1k BTC) ratio is 33% on-chain, estimates on-chain analyst Willy Woo.

While this is good for distribution, trader Jonny Moe is not sure if it is much good for the price because the small/medium holders that are at their all-time highs are the most likely to move their coins.

As for the OG coins, which are humpbacks having over 5k BTC, are their all-time lows, and they are the ones that are least likely to move their coins.

Overall, we see a shift of BTC towards smaller holders over the past years, while since 2020, institutional investors, funds, family offices, and other HNWI have also been entering the space.

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