New Bitcoin Wallet Data Suggests $50,000 Bitcoin May Not Even Be Close to the End of the Bull Run

January 20, 2021

Just in the last two weeks, the price of Bitcoin crossed $52,000 Canadian, the highest price it has hit since the blockchain launched in 2009. At the time of this writing, Bitcoin sits at $43,000 Canadian and as it turns out, a relatively small number of Bitcoin wallets holding large amounts of cryptocurrency indicate that we may just be at the beginning of the bull run and not the end. Believe it or not, buying Bitcoin right now, even at the $50,000 mark might still be getting in on the bottom floor.

More Bitcoin Whales Are Owning More Valuable Bitcoin Wallet Addresses

An increasing number of Bitcoin wallet addresses hold at least 1,000 bitcoins. Charts from blockchain analytics firm Glassnode show that as of today’s date (January 20, 2021), more than 2,400 wallet addresses have at least 1,000 bitcoins stored on them. At the moment, holding 1,000 bitcoins in a wallet means you’re holding onto $43.6 million.

Just this year alone, 164 new wallet addresses holding 1,000 bitcoins that weren’t around last year are holding more than $6 billion USD worth of coins.

The thing about this phenomenon is not only is it a signal that we are experiencing the greatest transfer of wealth in the history of mankind. It also signals that major institutional investors and retail whales are starting to become big fishes in smaller ponds. Yes, it’s true that more people are becoming interested in Bitcoin, but even in a democratic system like decentralized finance, the early birds with the most money are the ones getting the biggest worms.

Twitter account Whale Map has a graphic posted that hints the biggest inflows of capital into Bitcoin this year began revealing themselves around the $29,000 mark USD. That means that price level is a strong level of support for investors moving forward.

Inflowing Capital Means It’s Time to Start Buying Bitcoin

Buy Bitcoin at Netcoins today. Netcoins is Canada’s first publicly owned crypto trading platform to be fully regulated. You don’t have to be a whale to benefit from the price appreciation. What’s happening with these addresses accumulating thousands of bitcoins proves that it’s not too late.

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