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Bitcoin Whales Cut Back: Average Holdings At Lowest Since 2018
Glassnode data reveals a decline in the average Bitcoin held by whales, reaching its lowest point since 2018. Whales, defined as holding 100 to 10,000 BTC, now average only 488 BTC each. This decrease is a potentially bearish indicator for Bitcoin's price. The average whale holdings peaked in early 2022, then fell during the bear market. A subsequent recovery in 2023 saw whales accumulate Bitcoin more slowly than in previous cycles. However, since mid-2024, whales have accelerated selling despite Bitcoin price rallies. The current average holding of 488 BTC is the lowest since December 2018. In contrast, Ethereum mega-whales (holding over 10,000 ETH) recently paused their accumulation after a period of buying. Bitcoin's price currently sits around $111,900. This data suggests a potential shift in sentiment among large Bitcoin holders. The overall situation warrants close monitoring of whale activity for insights into future price movements.
