The number of addresses with balances over 1,000 BTC increased significantly in 2020. The number of coins in whale wallets has also increased. These observations were shared by Philip Gradwell, senior economist at Chainalysis.
Since the beginning of the year, the „1,000 BTC and more“ category has added 302 new wallets. Balances at the respective addresses have grown by 1.4 million BTC in that time.
„This is a significant increase in the number of the richest wallets. It signals the entry of institutional investors into the market,“ Chainalysis said in its latest weekly market overview.
The number of addresses with more than 1,000 BTC peaked at 2,274 at the end of last month, according to Glassnode. On January 1, the figure stood at 2,118, an increase of more than 7% since the beginning of the year.
Addresses with more than 5 BTC received 2.4 million BTC in 2020. 58% of this amount settled on whale wallets with more than 1,000 BTC.
Since the beginning of the year, the number of addresses with balances between 5 and 10 bitcoins has increased by 5,948.
Earlier, MicroStrategy head Michael Saylor predicted that many traditional market players will invest in bitcoin in the coming months.
As a reminder, MicroStrategy also intends to raise $550 million in debt financing to buy bitcoin.