The number of crypto whales – defined as entities holding more than 1,000 BTC – has been growing significantly as of late, also showing that the crypto market's mid-term outlook remains bright.
Data from analytics platform Glassnode reveals this trend, with the below chart showing that the accumulation pattern first began in January of 2018 after sliding lower over a multi-year period.
The research firm explains: "When we zoom out to view Bitcoin's full history, we see that the BTC balance held by whales peaked in early 2016, and then started decreasing consistently. Despite the increase in whale holdings this year, the balance of BTC held by whales is still well below the peak."
At the present moment, whales wield approximately 22 percent of the total circulating Bitcoin supply.