Bitcoin Whales Are Rising As Bitcoin Halving Approaches

Zain  |  Apr 10, 2020

As the third bitcoin halving is knocking on the door,  BTC whales are on the rise again. This was witnessed in the last halving of 2016 too. People or entities owning 1,000 BTC right now are at a 2 year high.

The anticipation around bitcoin halving, one of the favourite events of the crypto community is remarkable this year. Block number 6,30,000 is the block scheduled for the halving and it would reduce the block rewards to 6.25. The event is likely to occur on 12th May. 

Approximately 1,840 addresses entities, which are holding at least 1,000 BTC, is the highest experienced in the last 2 years, according to Glassnode insights, a popular cryptocurrency monitoring resource.

Similar Pattern was on Show in The Previous Bitcoin Halving Too

Similar stats were present before the bitcoin halving of 2016. The year started with around 1,700 whales but peaked to 2,000 in the months leading to halving, an all-time high. The Glassnode reports state that this is no coincidence as the time before bitcoin having is a good period to be culminating BTC, even in times like these where the corona crisis has brought the world on its knees.

There's a constant debate prevailing in the community about the impact on bitcoin's price after bitcoin halving.  The predictions are extreme, as some believe it would rise and shine and reach an all-time high, some expect it to be in tatters.

However, the report does highlight that the bitcoin whales are relying on the past success of bitcoin during this period. The accumulation of BTC is definitely a good sign in the eyes of many, that the bitcoin halving would bear fruits rather than a bearish trend. However, given the uncertain situation of the economies around the globe, nothing can be said for sure.

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