A chart published on Twitter on Friday shows a massive rise in appearance of crypto wallets that hold more than $1,000 BTC on them.
— glassnode (@glassnode) October 11, 2019
As 2019 only started, the Bitcoin was trading at around $3,500, then showing a major upsurge a few months later. Recently, Bitcoin experienced a major decline, dropping from around 9,620 down one thousand USD and then even lower.
Almost a month ago, Bitcoin hashrate reached a historical milestone of 100 EH/s.
It is likely that the amount of ‘wealthy’ BTC wallets has surged not despite BTC price growth but thanks to it. Overall forecasts for next year have been largely positive so far, taking into account the Bitcoin halving that is expected in May 2020.
As per the chart, there were several rises in the appearance of these wallets holding over 1,000 BTC and it seems that this process continues.
Some in the comment thread have expressed doubts as to whether these are new users with a large amount of BTC on their BTC addresses.
Technically this could be an exchange, or individual, with 50,000 BTC moving from one wallet to 50 wallets.
Doesn’t necessarily mean there are more people with 1,000+ BTC.
— Stay Humble, Stack Sats ⚡️ (@RunJdub) October 11, 2019
Do you expect the Bitcoin price to surge beyond $20,000 after the halving in 2020? Feel free to leave your comment on that below!