According to a new report from the cryptocurrency market data aggregator Glassnode, the Bitcoin whale downloaded a massive amount of BTC in February.
Glassnode defines any title with 1,000 to 10,000 BTC as a “whale,” while humpback whales have more than 10,000 BTC. The report found that the whale population increased by more than 14% in the year through February 5, 2021.
Humpback whale buying activity peaked in January, when they bought 80,000 Bitcoins worth $ 3.84 billion at current prices.
But since February, humpback whales appear to have made huge profits by offloading 140,000 Bitcoins, equivalent to $ 6.72 billion since the start of the month.
The data shows an inverse association between a whale’s business and smaller but very wealthy investors. Glasnode noted that “dolphins” and “sharks” – which are wallets containing between 100 and 1,000 BTC – sank 95,000 BTC worth $ 4.56 billion in January, but became optimistic in February, reaching 117,000 Bitcoin (5,61). Billion dollars) since the beginning of the month. :
“It is important to note how the supplies of the Dolphin / Shark (purple) class and the Whale / Hunchback class (green) are reflected in size and shape. When one category experiences an increase in volume, another class sees a decrease in volume (and vice versa).
Octopus and Fish, wallets holding between 10 to 100 BTC, have been downloading their holdings continuously since November 2020 and have sold more than 128,000 Bitcoins, or $ 6.14 billion, in less than four months.
A 20% BTC price crash this week sparked massive activity among the whales and was launched by a smart whale that managed to raise $ 156 million before diving begins on Monday.
Fears of further downside cannot emerge as new research from the CrossTower trading platform claims that institutional buying will keep BTC over $ 50,000 in the long term.