Institutions and minors accumulate via Bitcoin Chop; uncertain whales

Institutions and minors accumulate via Bitcoin Chop;  uncertain whales

After a violent price reversal last week that saw Bitcoin retreat from all-time highs, traders and analysts are now eyeing major players and investors to gauge BTC’s next move – and so far, the reaction. is decidedly mixed.

Data from chain analytics firm Glassnode indicates that the number of Bitcoin whales – a term for wallets containing between 1,000 and 10,000 BTC – has at least temporarily reversed what was previously a strong uptrend from April 2020, a phenomenon called Glassnode possible “end of the whale spawning season”.

Graphic via Glassnode

The glass knot Blog noted that a “significant part” of the decline could be attributed to custody portfolios…

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