Bullish Case for Bitcoin Grows as BTC Whale Population Tops 3-Year High

Bullish Case for Bitcoin Grows as BTC Whale Population Tops 3-Year High

Gate Trade News Wednesday, July 1, 2020 24 0

On-chain data shows the total number of Bitcoin whales surpassed a 3-year high above 1,800 over the past 3 months.

 

Recently published data from glassnode shows there are currently more than 1,800 Bitcoin (BTC) whales. From a macro perspective, this increase in the number of whales can be considered bullish.

 

The term whale is used within the crypto industry to describe an individual investor that holds a large amount of BTC. 

 

Typically, whales are early Bitcoin investors or wealthy individuals that newly enter the cryptocurrency market but as institutional investors enter the market perhaps the boundaries of the term will expand to include new entities.