Glassnode: Number of Whale Addresses Holding over 1000 BTC Surges Since Last Friday

On November 18th, despite the ongoing pressure on the crypto market this week, the number of Bitcoin whale wallets has witnessed a surge contrary to the trend. Data from Glassnode indicates that whales have been continuously accumulating since the end of October. The number of addresses holding more than 1000 BTC has increased significantly since Friday. On October 27th, when BTC reached a high of $114,000, the number of whale wallets dropped to a yearly low of 1354. However, as of this Monday, that number has rebounded by 2.2% to 1384, reaching a four-month high. Meanwhile, Glassnode indicators suggest that small investors holding 1 BTC or more may be one of the sources of selling pressure. The total number of such wallets has continuously declined from 980,577 on October 27th to a new yearly low of 977,420 on November 17th. This confirms a typical pattern in the crypto market where whales often take the opportunity to accumulate when retail investors panic-sell during a sharp decline. Markus Thielen, the founder of 10X Research, stated that some whale selling pressure still exists. He emphasized the profound impact of the Federal Reserve's FOMC meeting on October 29th on the current market. The meeting statement disrupted the fragile balance between the super whale sell-off of 1000-10000 BTC and the whale buy-off of 100-1000 BTC. While super whales are absorbing some of the sell-off, net flow data on the 30th still shows that selling pressure remains dominant.