BTC Whale Activity Analysis 9/13/21

In this report I will analyze Bitcoin whale activity in regards to $BTC price action in the past few weeks. To clarify, a whale is a person or group of people with a single wallet address holding a large amount of cryptocurrency.

Pictured above is a chart from Glassnode analytics that displays 3 key metrics to this study:

• The price of BTC/USD in grey

• The total number of BTC whales in red

• The number of BTC whale addresses that hold over 1,000 BTC in green

The chart indicates that:

• From March to July we see a number of correlations between the price of Bitcoin, the amount of whale addresses, and the amount of whale addresses holding 1,000 BTC or more.

• As the price of BTC declined from May into July, we see that the number of whale addresses (both large and small) declined as well indicating that these holders did in fact sell.

• Looking on wards from July into September we see the price of Bitcoin begin to rebound from its sub $30,000 lows to highs of over $50,000. During the period of extreme price lows in mid July we see the number of Bitcoin whales (red) begin to increase, indicating that there was an increase in addresses that were purchasing large amounts of Bitcoin.

• As a result we see that the price of Bitcoin begins to increase in late July along with the number of Bitcoin whales holding over 1,000 coins per address (green). What is interesting here is that while the number of Bitcoin whales holding over 1,00 coins per address continued to increase throughout August and into September, we see that the overall number of Bitcoin whales (red) slightly decreased throughout the same time period.

• This indicates that while the overall total number of Bitcoin whales has gradually decreased over time, a greater percentage of the whales still in the market are accumulating and are breaching that 1,000 BTC per address barrier.