Recently published data by glassnode show that there are currently more than 1,800 Bitcoin whales (BTC). From a macro perspective, this increase in whale numbers can be considered bullish.

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The term „whale“ is used within the crypto industry, to describe a particular investor who owns a large amount of BTC. Typically, whales are the first Bitcoin investors or individual millionaires to enter the crypto market recently, but as institutional investors enter the market, perhaps the limits of the term will expand to include new entities.

The number of BTC whales increased substantially since March

Why is an increase in whale numbers a positive sign for Bitcoin?
Some analysts believe that, a large number of whales in the crypto market is not ideal, because it can concentrate the market in the hands of a few market makers who impact liquidity.

In addition, when some investors hold a large portion of an asset’s supply, it can increase the risk of a severe correction when a mass whale sale occurs.

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However, Glassnode explained that the average balance of Bitcoin held by whales has actually declined. The data also show that the heavily centralized group of whales has diversified in recent months.

As the amount of Bitcoin held by whales increases, the level of concentration of supply in fewer investors may increase. But, when the amount remains the same and the number of whales increases. This is simply an indication that there are more investors with a large amount of BTC.

According to, Liesl Eichholz, author of the Glassnode report:

„The average balance of Bitcoin held by each whale is actually decreasing slightly, in other words, individual whales are not getting, on average, richer, but there are more of them.

The origin of the new Bitcoin whales further strengthens the argument that an increase in their numbers is a positive trend. Eichholz explained that, the new whales are not necessarily new investors that entered the market in 2020. Instead, they are investors who have chosen to withdraw their funds from the exchanges, possibly for cold storage or private portfolios.

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The movement of exchange funds into personal portfolios could indicate a decrease in the appetite for selling or trading in the short term.

The whales may anticipate a strong trend in Bitcoin prices in the medium to long term, and therefore choose to keep The News Spy waiting for a bullish market. Eichholz explained:

„Where did all these new whales come from? Much of the recent increase can be attributed to multi-million dollar entities pulling their BTCs out of the exchanges. Apparently, this is not new wealth, but represents a change in the way Bitcoin whales choose to keep their currencies.