While the price of bitcoin has been consolidating just above the $30k handle, onchain data shows that when the price dropped to $28,800, bitcoin whales bought the dip. Statics from Glassnode’s web portal shows the number of addresses with more than 1,000 bitcoin has spiked after hitting the price bottom.
The Number of Addresses Holding 1,000 Bitcoin Spikes
According to onchain statistics, bitcoin whales with a balance of more than 1,000 bitcoin are growing and the recent BTC price drop helped bolster the metric. A few days before the drop to the $28k zone, BTC prices were coasting along between $35k to 38k in USD value. The drop to $28,800 per bitcoin on Thursday, was the lowest price drop so far this year. But the dip did not last very long and Glassnode stats show that the number of addresses with more than 1,000 bitcoin has increased significantly.
— Documenting Bitcoin 📄 (@DocumentBitcoin) January 16, 2021
A number of analysts on…