Number of Bitcoin wallets above 1,000 BTC hits 3-year low

The number of Bitcoin addresses holding at least 1,000 BTC (which he was worth nearly $17 million at the time of writing) hit a three-year low of 2,063 addresses.

Data from the blockchain analytics service shows whales are sober with the current market conditions. Historical data show that the number of Bitcoin addresses holding at least 1,000 BTC dropped sharply, often, but not always, after the price of Bitcoin plummeted. Glassnode data also shows that Bitcoin’s 7-day moving average trading volume hit a two-year low of $25.438 on Dec. 3. A two-year low of $25,450 recorded the day before December 2, 2022. 

This result follows recent findings from crypto market analysts who suggest that major cryptocurrencies are on a downward trend despite “people getting bullish for no reason.”