The number of whales that hold 1000 BTC and above in their wallet increased from 1650 to 1882 as of January. This number was the highest recorded for nearly three years.
Whales are defined in the Bitcoin (BTC) community as those who have the power to carry the price up and down.
We can say that the increase in the number of Bitcoin whales has resulted in Bitcoin rally every time we look back. This recent increase is very similar to that in 2017 when the price of BTC rose to the all-time high of $ 20,000.
The increase of bitcoin whales is generally in direct proportion with the increase in the number of accounts holding Bitcoin. When investors start to hold their investments, potential increases are seen in assets priced with a balance of supply and demand.
As of writing, Bitcoin’s whales, which are traded at $ 9,174, hold a minimum of more than 9 million coins in their wallets.