13,000 BTC wallets are now worth more than $1,000,000

Data obtained from a crypto analytic firm, Glassnode revealed that 13,000 BTC wallets are now worth at least $1,000,000, showing the numbers of BTC whales are increasing on a daily basis.

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With more people looking to trade bitcoin, which is only becoming scarcer following the recent halving, BTCs moving from the investment bucket into the trading bucket could become a crucial source of liquidity. However, one would expect this will only happen if bitcoin’s price rises to a level at which long-term investors are willing to sell,” Chainalysis researchers wrote.

Chainalysis a leading crypto analytic firm also explained activities in the BTC market for the month of June. The report said;

“As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date.

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“Roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.”

At the time this report was drafted, Bitcoin was still trading below the $9200 resistance levels, as investors, traders have been buying BTCs below these support levels.

READ MORE: BTC whale steps in to buy larger stacks of Bitcoin, at a discount of $8,850

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Recall that Glasscode, recently said, “the price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales.”

“However, the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017,” it added.

It’s also important to note that BTC whales tend to sell their huge stacks of BTC on the BTC market when crypto exchanges are quiet in order to attract attention, the CEO of on-chain analysis provider, CryptoQuant, Ki Young Ju, who had been studying BTC’s trend had said.

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