TechFlow news, October 24 — According to CoinDesk, a recent report from on-chain analytics firm Glassnode shows that the number of "whale" entities holding at least 1,000 bitcoins on the Bitcoin network has risen to 1,678, the highest level since January 2021.
André Dragosch, Head of European Research at Bitwise, said the growing number of whale entities, combined with strong demand for alternative investment vehicles such as U.S. spot ETFs, reflects increasing market confidence in Bitcoin's price outlook. A "whale entity" is defined as a cluster of cryptocurrency wallet addresses controlled by a single network participant and collectively holding at least 1,000 bitcoins.
Meanwhile, data from analytics firm CryptoQuant shows that retail investor accumulation has significantly slowed as Bitcoin approaches $70,000. CryptoQuant told CoinDesk: "Over the past 30 days, retail holdings increased by only 1,000 bitcoins—historically low levels. Since the beginning of 2024, other large investors (holding between 1 and 10,000 bitcoins) have accumulated at a faster pace than retail investors. To date, retail holdings have increased by 30,000 bitcoins, while other large investors have added 173,000."
