The Number of Bitcoin Whales Is Soaring—and That’s Good For BTC

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Bitcoin’s price has been on a clear uptrend since the lows of March at $3,500. Data shows that despite the growing cost, the number of BTC whales (entities holding more than 1,000 coins) has increased. This suggests that there is an increase in high net-worth individuals dabbling in the space. This is a positive sign as it indicates a consistent flow of capital into Bitcoin and the broader crypto-asset market. Other on-chain trends also indicate that there likely is a bull run brewing underneath the surface. Coin Metrics, a top blockchain analytics and data firm, made this much clear just recently when it shared a number of these trends. These trends include a decrease in the supply of BTC on exchanges and an increasing number of BTC transfers taking place on chain. The Number of Bitcoin Whales Is Increasing Over Time, Data Shows Bitcoin’s price has been in a strong…

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