The number of Bitcoin whales hits a record high, and a new round of bull market begins

The number of Bitcoin (BTC) whales reached an all-time high during last week’s price rally. On October 20, there were 2,178 Bitcoin addresses holding at least 1,000 BTC. By October 25, that number had increased to 2,231. At current prices, 1,000 BTC is worth about $13 million.

Source: Glassnode

Based on this data, we can surmise that whales control at least 2.23 million BTC, a figure equivalent to 12% of the current supply.

Source: BitcoinCharts

According to BitcoinCharts, these whale addresses actually control 7,902,469 BTC, or 42% of the total supply. Although we know the number of whale addresses, we don’t know how many individuals or entities control them. Multiple addresses can be controlled by a single entity, or similarly, one address can be controlled by multiple parties using a multi-signature wallet.

Source: Glassnode

Researchers claim that approximately 1.1 million BTC are controlled by Satoshi Nakamoto, the creator and original miner of Bitcoin. The vast majority of Bitcoins believed to belong to Satoshi Nakamoto have never been moved.

We can also observe an increase in the “hoarding” pattern — the percentage of Bitcoin supply that has not changed addresses in some time. 62% of the supply has not changed addresses in at least a year, while nearly a third of the supply has not changed addresses in three years or more.

Even though Bitcoin recorded its highest weekly close since 2018 this past week, most whales and HODLers do not appear to be in a rush to sell their BTC.