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Bitcoin Whales are going extinct – Report

Despite the recent uptrend, bitcoin whales appear to be declining.

Citing data from Glassnode,  prominent crypto-journalist Colin Wu reported that the number of investors who hodls 10,000 bitcoins or more has declined to a record low of 82.

According to Glassnode, the number of addresses with current holdings of ≥ 10,000 Bitcoins has dropped to the lowest level in history, with only 82 Bitcoin addresses holding ≥ 10,000 Bitcoins. pic.twitter.com/78e6Lwi7Ys

— Wu Blockchain (@WuBlockchain) October 17, 2021

Are Bitcoin Whales really on the decline?

Bitcoin whales
Via: iStock (Olga Chernenko)

To gain perspective, the last time the data was this low was back in Dec. 2012, when only 81 wallets had 10,000 or more bitcoins. 

But that doesn’t precisely mean bitcoin whales are surrendering their mantle. As Colin Wu said in another Twitter thread, this time referencing data from Sanbase, addresses hodling 100 – 1000 bitcoins have increased recently.

“The number of addresses holding 100 to 1,000 BTC has increased significantly in the past five weeks,” Wu said.

Bitcoin is currently trading at $61,200 at press time, but analysts expect it to surge in the coming days following the announcement that ProShares will launch its Bitcoin futures ETF on the New York Exchange tomorrow.

NEXT: Famous crypto analyst say Bitcoin bears are barely hanging on

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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