According to a new report, the total number of Bitcoin Whales with more than 1,000 BTC is growing rapidly and this shortly before Bitcoin halving.
The Bitcoin Halving Event of Bitcoin is one of the most anticipated events in the crypto community. In this event, the miners‘ block reward is reduced to 6.25 BTC. Currently the block reward is 12.5 BTC. The halving is expected to take place on May 13th at block level #630,000.
The latest data from Glassnode shows that there are currently more Bitcoin whales than ever before in the last two years. The calculation includes individuals or companies that own at least 1,000 BTC (6,251,517 EUR).
The data from the survey is particularly interesting when we compare it with the last Bitcoin Halving event. The last time we saw an increasing number of Bitcoin Whales was just before the halving in 2016, and as you can see in the following graph, the number of Bitcoin Whales in 2016, months before the halving, was almost identical to a few months before the halving in 2020.
The accumulation phase therefore occurred just before the Bitcoin Halving event. This trend shows that despite uncertain market conditions, Bitcoin Wale still believes that now is a good time to accumulate BTC. The report concludes that Bitcoin Whales believe that there is room for further growth in Bitcoin.