Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
This is very interesting comparison of bitcoin price verses addresses holding more then 10k$ worth of bitcoin.
You can see when price of bitcoin touched 69k$ on 11 Nov 2021, the addresses have gone done. That means Whales were in selling mood at that time. Now as price has gone down, whales are once again accumulating bitcoins.
Key Takeaway: whales are called whales because of this reason.
My few satoshis that I extracted from this graph.
Image source
You can see when price of bitcoin touched 69k$ on 11 Nov 2021, the addresses have gone done. That means Whales were in selling mood at that time. Now as price has gone down, whales are once again accumulating bitcoins.
Key Takeaway: whales are called whales because of this reason.
My few satoshis that I extracted from this graph.
Image source
You and the twitter guy both seem to misinterpret the graph.
It is not the graph of people with more than $10K in a wallet, it is a graph of wallets with more than 10K bitcoin.
Naturally, as the total number of bitcoin got mined from 0% to 90%, the number of such wallets should rise in the graph just like that.
Additionally, one can conclude that large whales were selling/distributing bitcoin since 2016.
Their slice of the pie is melting, which is a natural progression as well, correlating with an exponential increase in wallets containing 0.1-1 btc (shown in prior discussions and here: https://coingape.com/retail-bitcoin-holders-with-balance-0-01-0-1-btc-reaches-new-high/).
some additional stats are here (check the references as well):
https://bitcoinist.com/how-many-people-actually-have-at-least-1-bitcoin/
Here is what I have to say on this matter.
The graph says "number of addresses with balance >10k" vs "bitcoin price". It doesnt matter how many bitcoin wallet has, a wallet will be counted as long as it has more then balance of 10k. For instance, if wallet has 0.42 bitcoins or more then its counted, as 0.42 bitcoin equals 10,000$ (as of today). On same ground, on 19 Nov 2021 when price of bitcoin was at 69K then those address that have 0.14 or more bitcoins will be included in that graph as on that day 0.14 bitcoins equals 10,000$.
https://coingape.com/retail-bitcoin-holders-with-balance-0-01-0-1-btc-reaches-new-high/
Data here is about wallets having balance in terms of bitcoins i.e. 0.01 - 0.1 and its prior to June 2021. So we don't have data about how things were when Bitcoin was at its ATH (19 Nov 2021) versus current rate.
I tried to find that myself on glassnode but since I don't have a premium account, I get access to data till 14 August 2021 not latest one.
Again just my few cents that I extracted from my little research. Suggestions / Corrections are welcome.
On the left is the number of wallets...on the right is the price.
Does the number 100, 60, 40...says anything.? Of course it does..it says that they are talking about number of wallets with >10K bitcoins (not $$).
Do you think that there are 100 wallets with more than $10K?
Of course, not, there are probably about a million of such wallets according to https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html