The number of bitcoin whales with at least 10,000 BTC, worth around $159.89 million at press time, has matched its 2020 high of 111, while the number of wallets with 1,000 to 9,999 BTC is just 6 below its all-time high of 2,135 wallets.
The figures were shared by on-chain analytics firm Santiment, which implied that bitcoin whales – large cryptocurrency holders – are becoming increasingly bullish on the flagship cryptocurrency, as its price keeps climbing higher.
🐳 Looking for validation that #Bitcoin whales are confident in their assets? The number of addresses holding at least 10,000 $BTC has just matched a 2020 high of 111. Additionally, those with 1,000-9,999 $BTC are now just 6 below the ATH of 2,135 wallets! https://t.co/qEqW8jB8ln pic.twitter.com/tMpC4HruFk
— Santiment (@santimentfeed) November 12, 2020
The cryptocurrency’s price is moving up at a time in which Grayscale Investments, a cryptocurrency asset manager that operates various funds giving investors exposure to crypoassets, has been seeing record inflows. As reported, Grayscale added $1.4 billion to its assets under management in October alone, and the firm now has over $9.1 billion in assets under management in total.
The bull run also started after PayPal launched a new service letting users buy, sell, and hold crypto using its platform. The service is for now only available to users in the U.S. and supports bitcoin, bitcoin cash, litecoin, and ether.
To some analysts, however, the price of the flagship cryptocurrency is also going up thanks to the recent halving event, which reduced block rewards on the blockchain from 12.5 BTC per block to 6.25 BTC, effectively reducing the supply of new BTC entering the market.