Glassnode: Number of Whale Addresses Holding over 1000 BTC Surges Since Last Friday

BlockBeats News, November 18th, despite the continued pressure on the crypto market this week, the number of Bitcoin whale wallets has surged against the trend. Glassnode data shows that whales have been consistently accumulating since the end of October, with the number of addresses holding over 1000 BTC significantly increasing since Friday.

On October 27th, when BTC reached a high of $114,000, the number of whale wallets dropped to a yearly low of 1354. However, as of this Monday, that number has rebounded by 2.2% to 1384, reaching a four-month high. At the same time, Glassnode indicators suggest that small investors holding 1 BTC or more may be one of the sources of selling pressure, as the total number of such wallets has continued to decline from 980,577 on October 27th to a new yearly low of 977,420 on November 17th.

This confirms a typical pattern in the crypto market, where whales often take the opportunity to accumulate when retail investors panic-sell during a sharp drop. Markus Thielen, founder of 10X Research, stated that some whale selling pressure still exists, emphasizing the profound impact of the Federal Reserve's FOMC meeting on October 29th on the current market. The meeting statement disrupted the fragile balance between the super whale sell-off of 1000-10000 BTC and the whale buy-off of 100-1000 BTC. While super whales are absorbing some of the sell-off, net flow data on the 30th still shows that selling pressure remains dominant."