Whales are accumulating at Bitcoin, according to analysis company Glassnode

Whales are accumulating, according to Bitcoin analysis company Glassnode. According to the data from on-chain analysis company Glassnode, the big fish in the bitcoin ocean are accumulating.

Since the crash of 13 March, the number of bitcoin addresses has increased by more than 1000 bitcoin. According to Glassnode’s analysts, this is an indication that more and more rich individuals are investing heavily in bitcoin.

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Whales expect price increase bitcoin
Glassnode’s data indicate that rich investors expect the bitcoin price to do well again in the short term. This is no surprise following the news from MicroStrategy and Square.

Earlier this week the bitcoin price collapsed somewhat after the news came out that the CFTC had sued BitMex. In the meantime, however, the price has recovered well.

Bitcoin analyst Willy Woo has his own explanation for the behaviour of the whales. According to the well-known analyst, the fundamentals have not been as bullish as they are today since mid-2016. „This is one of the few moments in my career that all the signs are that we are going to crash, but the market doesn’t seem to recognise it yet.

Is it going to happen in the coming months?
Peter Brandt, who in general can also express a negative opinion about the price of bitcoin, is also positive. On the higher timeframes, and therefore the more long term, it looks good for bitcoin, according to the experienced analyst.

Personally, I think that the news that Square, following MicroStrategy, has opted for bitcoin, in particular, could cause an enormous boost. Especially the blueprint that the company has written for other parties who are also interested in putting bitcoin on the balance sheet.

I understand Square’s move mainly because it can be a very interesting business for them to help companies with the adoption of a bitcoin standard.

Translated with www.DeepL.com/Translator (free version)

Author: admin