The number of Bitcoin whales holding at least 1000 BTC in their wallets is on the rise again despite the recent price slump of the cryptocurrency which changed the narratives of the upcoming halving event, expected to take place next month.
This sudden increase is similar to what happened in 2016, and according to the data on Glassnode, a blockchain data and intelligence provider. This is interesting has the number of Bitcoin whales has recently reached a 2-year high and it compares to the last Bitcoin halving four years ago.
Bitcoin Whales Still Confident
This means that investors are regaining their trust and faith in the cryptocurrency as Bitcoin continues to recover over the past week.
With Bitcoin moving above the $7k mark on Monday and reaching as high as $7300, the coin finally moved back to the price level at the start of 2020. At the time of writing, though, Bitcoin has retracted and is trading at $6,884.35.
Data reveal that since the top of the market in late 2017, the number of Bitcoin whales hasn’t reached this level. The number has only been achieved when whales were selling.
With Bitcoin halving being the most anticipated event in the crypto community this year and will occur in May, Whales see it as a great opportunity and an excellent time to accumulate BTC.
The report suggests that the number of entities holding at least 1,000 BTC ($6.92 million) as of 30 days before the 2020 halving event is now just under 1,850 after the accumulation. Meanwhile, at the start of the second quarter of 2016, several months before the previous halving, the number of such entities was almost the same.
The two events, when compared, suggest that whales are already familiar with the market too well. Hence they appear confident that this is a good time to be accumulating BTC, also believing that there is further room for growth.
The negative narrative of many over the upcoming halving event is now seemingly taking a new turn of positive claims since investors are showing optimistic signs already.
On the other hand, though, some believe that the Bitcoin network might experience slower block times after the halving just like it happened with the Bitcoin Cash (BCH). As Coinfomania reported yesterday, the Bitcoin Cash network speed dropped by a massive 83% after the event, leaving the network more vulnerable to a 51% attack.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!