The number of bitcoin whale addresses recorded a new all-time high in 2022, in the period coinciding with the fall of the world’s third-largest brokerage, FTX, a company that collapsed in November, leaving deep distrust of the market.
Data collected by a recent study also revealed the surge in whales of Ethereum, the second largest cryptocurrency by total market capitalization.
With low volume on cryptocurrency exchanges, everything points to the price of bitcoin being able to continue with less selling pressure. That is, the signal is optimistic in the medium to long term.
After the end of FTX, the number of bitcoin whales will set a new record in 2022
According to data collected by CoinGecko, whales were partying with the falling market. After the collapse of the FTX, and consequently the crash of Bitcoin, the whales bought more bitcoin during the devaluation of the currency.
Coupled with the low buying movement, many users withdrew values from brokers into their own portfolios. For example, the market was able to perform onchain analysis of new bitcoin addresses with a 3.8% increase in 2022, a record 152,936 whales.
“The number of bitcoin (BTC) whale addresses hit an all-time high of 152,936 on December 4, representing an increase of 5,541 BTC whale addresses (+3.8%) year-to-date (YTD). FTX after it stopped recordings on Nov.
While the number of BTC and ETH whales has surged this year, the post-crash spike in FTX may reflect a combination of whales moving funds from centralized cryptocurrency exchanges to self-custody while simultaneously buying on the dip to increase their property. possess.”
Ethereum whales also preferred to absorb values from exchanges
What draws particular attention to this situation is that not only bitcoin whales have recorded a record after the demise of the FTX, but also Ethereum whales, which have risen to an annual record, reaching more than 42,000 addresses.
“The number of Ethereum (ETH) whale addresses reached an annual high of 47,540 on December 4, representing an increase of 4,886 ETH whale addresses (+11.5%) since the beginning of the year.”
The data shows that the number of whale farms was 4 times higher after FTX, indicating massive withdrawals from several brokers. As whalesthe study treated addresses with more than 10 bitcoins or who own more than 100 ethers.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
