The number of bitcoin whales fell to a more than 5-month low on Monday in a bearish sign for the cryptocurrency
- The number of
bitcoin whalesfell to a five and a half month low on Monday, according to data from Glassnode.
- There are now just 1,943 total
bitcoinwhales-defined as wallet addresses from a single network participant with more than 1,000 BTC.
- That figure represents a 13% drop from February 7's record high of 2,237 bitcoin whales.
Specifically, the number of bitcoin whales - defined as wallet addresses from a single network participant with more than 1,000 bitcoig - fell to 1,943 on Monday.
That's a 13% drop in the number of bitcoin whales since the record figure of 2,237 on February 7.
Bitcoin has lost more than 60 whales or 3% of the total in the past five days alone.
"The data looks bearish, as it shows a clear trend of whales offloading their holdings," Pankaj Balani, co-founder and CEO of the Singapore-based Delta Exchange, told Coindesk.
Despite the recent fall in big-time bitcoin holders, the total number of bitcoin whales is still up roughly 8% since June of last year.
Still, some experts have warned
Ethereum has pushed past record highs to trade at over $4000 per coin recently. The cryptocurrency is up 87% in the past month compared to bitcoin's roughly 6% decline over the same period.
Experts at Vanda Research warned the rotation into Ethereum from bitcoin could point to a looming 2017-style correction in the cryptocurrency market in a note to clients on Monday.
Pankaj Balanihe, the chief executive officer of the crypto derivatives exchange Delta, told Insider that bitcoin could slide as low as $40,000 per coin after breaching a key resistance level as well.
Of course, not all bitcoin news has been bearish lately. There are a number of signs institutional investors are still interested in gaining more exposure to the cryptocurrency space, and bitcoin in particular.
Palantir said on Monday that it is accepting bitcoin as a form of payment and has even considered holding
Billionaire Paypal co-founder Peter Thiel, Galaxy Digital's Mike Novogratz, and a number of other big-name investors also announced they are backing a new cryptocurrency exchange called Bullish Global this week.
Bullish now has $10 billion in investor support and is set to bring more cryptocurrency exposure to institutions, according to a press release from Block.one, Bullish Global's parent company.
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