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Bitcoin Whales Retreat Amid Market Downturn

Mridul Srivastava
By Mridul Srivastava September 28, 2023 223 Views
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Bitcoin Whales Retreat Amid Market Downturn
Bitcoin Whales Retreat Amid Market Downturn
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The number of Bitcoin addresses holding over 1,000 BTC hits a 4-year low at 1,997, reflecting the ongoing market downturn.

Contents
The Bitcoin Bear MarketTo Sum it All Up….

  • Bitcoin addresses with over 1,000 BTC at a 4-year low, now only 1,997.
  • Downtrend visible since the bear market onslaught last year.
  • Former industry titan, FTX, experienced a liquidity crisis, declaring bankruptcy in 2022.
  • Many analysts still optimistic, forecasting a potential new bull run for Bitcoin.

Amidst the ongoing market turmoil, Bitcoin addresses holding more than 1,000 BTC have sunk to a low unseen in the last four years. According to Glassnode, a leading blockchain data platform, these ‘whale’ addresses have retracted to 2019 levels, now lingering at 1,997, each holding over $26.4 million in Bitcoin at the current prices.

📉 #Bitcoin $BTC Number of Addresses Holding 1k+ Coins just reached a 4-year low of 1,997

View metric:https://t.co/cjV0krRVgK pic.twitter.com/rTK0gzZ90E

— glassnode alerts (@glassnodealerts) September 26, 2023

The Bitcoin Bear Market

This retraction is perceived as a byproduct of the continued bear market commencing last year, marked by pivotal events like the Terra crash and the subsequent downfall of Celsius Network and Three Arrows Capital (3AC). The deteriorating market conditions escalated in the latter part of 2022 when FTX, a former industry behemoth, succumbed to a liquidity crisis, eventually filing for bankruptcy and causing multibillion-dollar investor losses.

This decline contrasts sharply with the thriving bull market of 2021, during which addresses holding over 1,000 BTC ballooned to approximately 2,500. Similar trends are observed in the Ethereum domain, with addresses holding more than 1,000 coins dropping to a 5-year low.

Despite these market conditions, some experts are optimistic, predicting a more favorable trajectory for Bitcoin. Proponents like Robert Kiyosaki, author of Rich Dad, Poor Dad, Adam Back, CEO of Blockstream, and Tom Lee, Managing Partner at Fundstrat, among others, anticipate the crypto giant might soon witness a bull run, renewing investor interest.

The contraction in the number of Bitcoin whale addresses is a crucial indicator of prevailing market sentiments. This dramatic downturn is testament to the ripple effect of market crashes and company collapses on investor confidence and behavior.

To Sum it All Up….

While these trends can invoke skepticism and a heightened sense of caution, it’s vital for investors and stakeholders to approach the market with a balanced perspective, weighing in both the risks and the rewards. The industry has weathered multiple storms and has demonstrated remarkable resilience and adaptability.

Despite the prevailing bear market and the reduction in large holdings, the optimistic forecasts from several seasoned analysts underscore the inherent potential and the dynamic nature of the crypto market. The possible resurgence of Bitcoin underscores the importance of staying informed and maintaining a discerning eye on market developments and trends.


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Last Updated on September 28, 2023 by Mridul Srivastava