Number of Bitcoin Whales Approaches 2017 levels
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The number of whales or large investors who own a large amount of Bitcoin is approaching 2017 levels, when the price of the largest crypto by market cap hit $20,000.

According to the report "The Week On-Chain" published by the analysis resource Glassnode on June 15, since the beginning of the year the number of whales or investors owning 1,000 BTCs or more has been growing steadily.

Thus, there are currently 1,882 whales, a figure very close to that reached in September 2017, when the reference crypto began to grow significantly before reaching $ 20,000 in December. However, this does not necessarily mean the price of the crypto is going to skyrocket, as in March 2016, when Bitcoin was trading at around $420, the number of whales was also very similar.

Per the report:

"The price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales. However, the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017."

As a result of the large number of Bitcoins they own, whales can influence on the price of Bitcoin, as the market is flooded with a large number of cryptos when they decide to sell their assets, making prices fall.

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