Have you ever heard of the Bitcoin “Rich List”? if not, it’s a list of every address that holds 1,000 Bitcoin within the wallet. In the past, this has been used as a way to determine when “whales”, or large investors, are accumulating Bitcoin and are bullish on the price of Bitcoin. And now, that “Rich List” contains more wallet addresses than it ever has, totaling 2,344 wallets. In addition to signaling that the largest Bitcoin holders in the world are once again bullish on the asset, it could also mean that institutional investors aren’t sitting this round out.
Large banks and corporations continue to indicate that they will be front and center of the next bull run for Bitcoin and the rest of the cryptocurrency industry. Large financial institutions are taking positions in Bitcoin and acquiring it as VCs and large investors do the same. All of these developments point towards a sustained run for Bitcoin, the likes of which had not been seen since the year leading up to the $20,000 top that the asset achieved in 2017.
In comparison with 2017, the rich list now contains 30% more addresses than it did during that bull run. This means that not only are crypto whales bullish on the price of Bitcoin, but there are more crypto whales than ever before. All of this comes together to bode well for the asset at a time when it is also gaining worldwide recognition for its drastic price increase.
