BTC Whales Number Tapped 10-Month Peak Following the Recent Turbulence

Despite the recent price swings that bitcoin experienced, including pumps and dumps by $2,000 within just a few days, BTC whales seem undeterred, and their total number has jumped to a local peak of 1,611 (according to Glassnode)

In comparison, those large investors were less than 1,570 in May this year when the valuation of the leading digital asset was predominantly hovering around the $26K-$27K level.

• According to Glassnode’s analysis, the number of BTC whales hassurged to a 10-month high amid the recent events surrounding the primary cryptocurrency and its subsequent increased volatility.

Number of BTC Whales, Source: Glassnode

• While BTC seemed stuck at around $26,000 during the second half of August, things changed in favor of the bulls when Grayscalewon its lawsuit against the United Securities and Exchange Commission (SEC).
• The asset’s price soared to $28,000 on August 29, with some expecting a further rally should the regulator approve one of the spot BTC ETF applications filed by finance giants, including BlackRock, Invesco, Fidelity, and many others.
• However, the agency was once again reluctant to give its nod on the launch of such a product, delaying its answer on all filings by another 45 days
• Expectedly, this approach toned down the hype in the community, and BTC lost all gains following Grayscale’s landmark victory, with the asset currently trading at approximately $26K (per CoinGecko’s data).
• It will be interesting to follow how large investors will react to the latest price developments and will use the price decline as a buy-the-dip opportunity, or they will dump some holdings due to the growing uncertainty.