- The number of Bitcoin whales holding at least 10,000 BTC has reached a 2020 high of 111
- Bitcoin addresses holding between 1,000 and 9,999 BTC is also high at 2,129 which is 6 addresses shy of the all-time high
- The impressive bags of Bitcoin whales is evidence of investor confidence
- Bitcoin is attempting to turn the $16k price area into support
The number of Bitcoin whales holding at least 10,000 BTC is at a 2020 peak of 111. This is according to data from the team at Santiment. The team also highlights that the number of Bitcoin addresses holding between 1,000 and 1,999 is at 2,129. This number is 6 addresses shy of the all-time high value of 2,135. The team at Santiment shared this data via the following tweet.
🐳 Looking for validation that #Bitcoin whales are confident in their assets? The number of addresses holding at least 10,000 $BTC has just matched a 2020 high of 111. Additionally, those with 1,000-9,999 $BTC are now just 6 below the ATH of 2,135 wallets! https://t.co/qEqW8jB8ln pic.twitter.com/tMpC4HruFk
— Santiment (@santimentfeed) November 12, 2020
‘The Bitcoin Vaccine is 100% Effective Against Inflation’
The high number of Bitcoin whales holding 1,000 plus BTC, is clear evidence that they are confident regarding the long term value of BTC. This in turn means that Bitcoin investors continue to consider BTC as digital gold and an efficient hedge against inflation.
In a recent tweet, the Co-founder and CEO of the Gemini Exchange, Tyler Winklevoss, explained that ‘the Bitcoin vaccine is 100% effective against inflation’. His comparison of Bitcoin to a vaccine is ideal in the sense that BTC is a store of value in an era where global central banks continue printing money to cushion against the economic effects of COVID19.
Bitcoin Attempts to Capture $16k as FOMO Kicks in
At the time of writing, the King of Crypto has posted a 2020 high of $16,162 – Binance rate – before dropping back down to $15,600. Bitcoin has since regained part of the momentum that allowed it to break $16k and is currently trading at $15,990 as it attempts to flip this area into its next support zone.
The daily Bitcoin chart is clearly in parabolic territory with all indicators pointing towards an overbought situation. This means that FOMO has kicked into high gear with the chances of Bitcoin retesting $17,100 and even $20k increasing with every day.
Fear & Greed Index at a Record High
A good indicator of the FOMO surrounding Bitcoin is the fear and greed index which currently stands at a value of 87. June 2019 was the last time the index was this high and around the same time Bitcoin hit its 2019 peak of $14k.
Therefore, Bitcoin traders and investors should be aware that BTC is in the midst of running out of bullish momentum, at least for the month of November.