Chainalysis: Whale Bitcoin wallets’ balances have increased by 1.4 million BTC since the start of the year

In 2020, the number of addresses with a balance of more than 1000 BTC rose markedly. The number of coins on whale wallets also increased. These observations were shared by senior Chainalysis economist Philip Gradwell.

#Bitcoin whale wallets increased significantly in 2020, both in number, with an extra 302 wallets holding 1k+ BTC, and in their holdings of bitcoin, with 1k+ BTC wallets adding 1.4 million bitcoin to their balances this year

More in my Market Intel Report https://t.co/WlBkV9LpH1 pic.twitter.com/WGiY0yCVV2

— Philip Gradwell (@philip_gradwell) December 11, 2020

Since the start of the year, the category ‘1000 BTC and above’ has gained 302 new wallets. Balances on the corresponding addresses have risen by 1.4 million BTC.

“This is a significant growth in the number of the wealthiest wallets. It signals institutional investors entering the market,” according to Chainalysis’s latest weekly market overview.

The number of addresses with more than 1000 BTC reached a peak at the 2,274 mark at the end of last month, according to Glassnode. On January 1, the figure stood at 2,118, representing a year-to-date increase of more than 7%.

Data: Glassnode.

In 2020, 2.4 million BTC flowed to addresses with more than 5 BTC. 58% of this total ended up on whale wallets with more than 1000 BTC.

Since the start of the year, the number of addresses holding between 5 and 10 bitcoins has risen by 5,948.

Earlier, MicroStrategy chief Michael Saylor predicted that in the coming months many traditional-market players would invest in bitcoin.

Also note that MicroStrategy intends to raise $550 million in debt financing to buy bitcoin.

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