BTC Whale Surge Amidst Price Volatility

Martin Walker
Sep 2, 2023 at 02:40 pm

Despite recent fluctuations in the price of Bitcoin, which saw it surge and plummet by $2,000 in just a matter of days, BTC whales appear unfazed. In fact, their total count has reached a local peak of 1,611, according to data from Glassnode.

To put this in perspective, back in May of this year, when the value of the leading digital asset was primarily hovering between $26,000 and $27,000, there were fewer than 1,570 of these prominent investors.

Glassnode's analysis reveals that the number of BTC whales has reached its highest point in 10 months, coinciding with the recent events surrounding the primary cryptocurrency and its heightened volatility.

Number of BTC Whales, Source: GlassnodeNumber of BTC Whales, Source: Glassnode  

While Bitcoin appeared to be stagnant around the $26,000 mark during the latter part of August, the situation took a turn in favor of the bulls when Grayscale successfully won its lawsuit against the United Securities and Exchange Commission (SEC).

This victory propelled the asset's price to $28,000 on August 29th, with some anticipating further gains if the regulator were to approve one of the spot BTC ETF applications submitted by financial giants such as BlackRock, Invesco, Fidelity, and others.

However, the regulatory agency once again hesitated to greenlight the launch of such a product, extending its decision-making timeline by another 45 days. Predictably, this move tempered the excitement within the community, causing BTC to relinquish all of its gains following Grayscale's significant legal win. As per CoinGecko's data, the asset is presently trading at around $26,000.

It will be intriguing to observe how large investors respond to these recent price developments. They may view the price dip as an opportunity to buy in at a lower cost or opt to offload some holdings due to the increasing uncertainty in the market.

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