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Topic: A rise on Bitcoin addresses that holds 1k BTC or more is a bullish sign! (Read 309 times)

legendary
Activity: 3234
Merit: 5637
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Anyway, as cryptoenthusiasts, I think we could both agree that an imminent bull run is about to happen, as what you've stated - regardless of any data or statictics that might or might not support it. I guess most of us here also share the same ideals of a robust crypto industry. Smiley

I can not say anything with certainty, and I don't think anyone else can either. We can only hope that Bitcoin will continue to follow the same pattern as it was the case in the first ten years of its existence. Although we need to be very careful because even though most are hoping for positive things, there is always the possibility that things can move in the wrong direction.

We are witnessing the coming economic crisis, so even though Bitcoin was born at the beginning of the 2008 economic crisis that has hit the world, it is completely unknown how the new crisis will affect the market of cryptocurrency. The US government's very negative attitude towards cryptocurrencies also raises fears of possible restrictions in that country, and it is a common knowledge that something that happens there has an impact on the whole world.

What is unknown always presents a challenge that cannot be predicted, but as Satoshi himself stated at the very beginning :

I'm sure that in 20 years there will either be very large transaction volume or no volume.
sr. member
Activity: 1078
Merit: 310
lobat999, in my opinion, such stats don't matter too much, although people are always fascinated by the numbers and look for reasons to help them try to predict the future. But looking at the past, we can conclude that after the halving bulls become powerful, and that new big bull run probably has the highest chance at the end of next year, or in 2021/2022.

I don't know if you know about Tom Lee speculation that Bitcoin price should be $14 000 just because there are a certain number of active addresses, which is really funny, but expected considering where it came from. What I am saying is that analyzes of such data may be interesting, but not crucial to determining what will happen and when.

Duly noted Sir! I think you also have a point and I admire having a healthy discussion with you and the rest of the the community, to share our ideas and opinions in light of these developments with the aim of gaining some useful insights in this industry.

Anyway, as cryptoenthusiasts, I think we could both agree that an imminent bull run is about to happen, as what you've stated - regardless of any data or statictics that might or might not support it. I guess most of us here also share the same ideals of a robust crypto industry. Smiley
legendary
Activity: 3234
Merit: 5637
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lobat999, in my opinion, such stats don't matter too much, although people are always fascinated by the numbers and look for reasons to help them try to predict the future. But looking at the past, we can conclude that after the halving bulls become powerful, and that new big bull run probably has the highest chance at the end of next year, or in 2021/2022.

I don't know if you know about Tom Lee speculation that Bitcoin price should be $14 000 just because there are a certain number of active addresses, which is really funny, but expected considering where it came from. What I am saying is that analyzes of such data may be interesting, but not crucial to determining what will happen and when.
hero member
Activity: 1442
Merit: 510
I'm using technical analysis as a trader and there is no sign of a bullish sign. There is no connect between the market reversal and the rise of the bitcoin addresses that holds 1k BTC or more. I also do not agree that we should buy at this moment because we have a bullish market that consists of lower lows and higher lows so the cheap price of the bitcoin can be more cheap.
Bullish signs are not yet visible, having 1k BTC in wallet does not mean it's a sign that Bullish will arrive soon. I believe the price of Bitcoin is still in the Bearish trend so later the price will go back down, maybe up to $ 7,000. I think if the price of Bitcoin decreases again then that's the right time to buy.
hero member
Activity: 3024
Merit: 680
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I've been bullish to bitcoin but I don't see this as a sign of being bullish of the market. This could be a distributed bitcoin by the whales even before or exchanges. I just don't see the relation of having an increased number of people holding 1k BTC to the bullish sign.

But on the other hand, I see this as a positive sign that the market is growing.
legendary
Activity: 3360
Merit: 1203
More whales are stepping up into the game or some of the whales simply distributed their Bitcoins in more wallets. There is also a chance that institutional systems are buying more and more as this is nothing new but that chart is doing to Bitcoin some justice as it was about time to leave the bear market.

Last night the charts acted crazy so I assume this was a part of that because the buy orders were so crazy last night with a lot of Bitcoin being bought on the exchanges and now wee see a small correction as effect of the last night. For me personally, I think we left the bear market on 15th October and entered the bull market on 16th and now its slowly build into the bull run which will not happen until the winter passes but this is just what I assume reading the charts , looking at transactions , big withdrawals from exchanges , big buy on exchanges , mass-media publish about Bitcoin , halv approaches and people getting impatient about the price like they were never before during this year.




Just because the price dropped even further after 15TH doesn't mean we didn't left the bear market. This is how I see things and I'm no expert....just my opinion.
sr. member
Activity: 1456
Merit: 359
I'm using technical analysis as a trader and there is no sign of a bullish sign. There is no connect between the market reversal and the rise of the bitcoin addresses that holds 1k BTC or more. I also do not agree that we should buy at this moment because we have a bullish market that consists of lower lows and higher lows so the cheap price of the bitcoin can be more cheap.
sr. member
Activity: 1078
Merit: 310
I think this might be a bullish sign for price but in general I think this is pretty bad. It shows that how bitcoin has become unevenly distributed and the whales are once again getting more and more. This shows how market manipulation will never end in even years to come. I think everyone thought that Bitcoin is becoming evenly distributed as there is a rapid adoption but I think we are just exchanging our money with each other with almost no certain increase in total holdings held by small investors. This is not a good sign for BTC more concentrated BTC will be more volatile it be and more subject to price manipulations.

Well lets just hope that this scenario indicates that more new whales are coming to the scene and not just with those veteran whales accumulating more BTC's as much as they could! What you've stated is probably true, and you're just like saying that "the rich becomes richer, while the poor becomes poorer" but I guess its a reality! Wink

I just hope maybe someday, Bitcoin will achieve a more wider distribution and adoption which could result in us getting less fears from market manipulation and undue influence supposedly coming from some of these whales.
hero member
Activity: 2464
Merit: 550
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I think more and more people have already bought bitcoin and hold their assets in wallets like blockchain or others so that they think it can be safer, even though there are those who store bitcoin at the exchange site, it doesn't matter, as long as more people buy bitcoin, then less bitcoin in circulation and the price of bitcoin will be more expensive.
hero member
Activity: 1148
Merit: 500
Possibly those are the investors who accumulated Bitcoin from over $10k. Why would they sold their Bitcoin just to lose? Of course they are gonna keep until they have gained some profits. This is good though, this will keep Bitcoin steady for now.

I think this might be a bullish sign for price but in general I think this is pretty bad. It shows that how bitcoin has become unevenly distributed and the whales are once again getting more and more. This shows how market manipulation will never end in even years to come. I think everyone thought that Bitcoin is becoming evenly distributed as there is a rapid adoption but I think we are just exchanging our money with each other with almost no certain increase in total holdings held by small investors. This is not a good sign for BTC more concentrated BTC will be more volatile it be and more subject to price manipulations.

Yup, it's inevitable mate. You can't stop them to buy huge amount of Bitcoin. It could be prevented if the distribution from the start is evenly distributed. But we can't do anything about that. Whales are capable to buy any amount they want and let them manipulate the price. Just go with the flow.
hero member
Activity: 2114
Merit: 619
I think this might be a bullish sign for price but in general I think this is pretty bad. It shows that how bitcoin has become unevenly distributed and the whales are once again getting more and more. This shows how market manipulation will never end in even years to come. I think everyone thought that Bitcoin is becoming evenly distributed as there is a rapid adoption but I think we are just exchanging our money with each other with almost no certain increase in total holdings held by small investors. This is not a good sign for BTC more concentrated BTC will be more volatile it be and more subject to price manipulations.
legendary
Activity: 2128
Merit: 1293
There is trouble abrewing
even if we ignored what people pointed out and assumed OP were correct then it still wouldn't be a bullish sign. it would only be a sign that the adoption is growing. we already knew that!
when it comes to price (being bullish or not) the market works a bit differently from how adoption works. surely adoption is the only reason it rises but it won't affect the price right away as the market still could be affected by more short term more powerful forces such as the fear that we see nowadays keeping the price below $10k.
legendary
Activity: 2310
Merit: 1035
Not your Keys, Not your Bitcoins
Yep, this is definitely a good sign, but let's not forget that we also want decentralization in the crypto world. We don't want all the BTCs concentrated on one man's wallet if possible. However it's a clear signal that big dogs are accumulating this asset and you we should expect more stop hunts created to engineer liquidity for themselves. Don't FOMO and don't be afraid of taking a risk because this is a very important moment in history. You will talk to your grand sons about the Bitcoin ascension  Wink
sr. member
Activity: 432
Merit: 250
Febriyana Muhammad
There is can be yes or no.
Yes they with buying some Bitcoin, especially with 1k amount of Btc that will support the price to bullish.
But there is a problem, if a whale suddenly trying to dumping more dip. They will take more BTC, then they maybe will control the Bitcoin. If they hold for long time, that is also bad for Bitcoin ecosystem, Bitcoin is created for transaction not for saving.
sr. member
Activity: 966
Merit: 274
Recently, there has been a steady increase on the number of unique Bitcoin addresses that holds at least 1k BTC or more and this trend has been consistent for several months now, which started from the earlier period of 2019! As per news articles, most crypto observers had suggested the idea that its possible that big investors and institutions could be behind this trend where it seems they are possibly accumulating BTC under $10k price range.


To my understanding, I think this is a bullish sign for BTC, and whats more exciting is that this trend hasn't happened especially in the 2017 bull market! Kindly share with us your thoughts and ideas about this metric. Smiley

Sources: https://glassnode.com/
             https://cointelegraph.com/news/2-key-indicators-show-traders-are-accumulating-bitcoin-under-10k
             https://cointelegraph.com/news/growth-of-btc-millionaires-now-matches-bitcoins-early-years-new-data

It can be a big yes and a big no for a reason. First, a big yes when the accumulation of huge volume of bitcoin encourages the small investors to engage in cryptocurrency. And the big no is when volume will be controlled by few people, not considering the fact that there's still small investors in the market. A big no, when the small traders will be taken off by the increasingly number of newly classified whales entering the market.
legendary
Activity: 1652
Merit: 1007
Am I crazy or just glancing at this chart gives zero indications that the two are related? I don't see paired spikes or anything that shoes upcoming spikes or dips.

This is the spike the OP is talking about. Sure, it could be coincidence or "more rich people chopping up their vast amounts into several addresses." Hmmm, many Bitcoin holders are truly aware of good security practices, I guess the space has matured.

sr. member
Activity: 1078
Merit: 310
At press time, 3,070 address held more than 1,000 BTC each, representing just 0.01% of the total, according to BitInfoCharts’ Bitcoin Rich List. It should also be noted that many of the richest addresses — specifically the top four — belong to exchanges such as Binance, which hold Bitcoins belonging to millions of users.

What bullish sign? If I have 10 000 BTC and I split them to 10 different addresses each containing 1000BTC what a positive effect this has on anything? By this article, there are 3070 addresses with 1000+ BTC, but they only represent 0.01% of total Bitcoin, a rather negligible figure. And it is publicly known that most of such addresses belong to crypto exchanges, so how can that be an indicator for anything?

Nice PR for that company mentioned in OP directly and in both news links, nothing more than that.

I think those 3070 addresses mentioned on that article didn't clarify that it represents just 0.01 percent of the total Bitcoin addresses and not on the total Bitcoin supply. In fact, as per data from https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html , those addresses that holds 1k BTC or more are comprised of only 2,166 addresses which is inconsistent on what the article had previously stated.

Moreover, those addresses which have of a consolidated total of about 7,530,271 BTC, is roughly 41.86 percent of the total BTC supply including those BTC on the top 4 addresses which are presumed belonging to exchanges.

Interestingly, those addresses which holds BTC in 1k - 10k range accounts for about 26.7 percent of the total BTC supply but I guess I must admit that its too early to assert if we are indeed in a bullish period right now considering there could many factors that have caused this surge in BTC addresses that are holding more than 1k BTC although I hope I'm correct on my assumption that indeed were starting in a bullish phase right now. Imho. Smiley



Source: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
Ucy
sr. member
Activity: 2674
Merit: 403
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Hope this is true. and not owned by few people who are trying to "decentralized" their bitcoins".

Millions of people buying 1btc or more is definitely good for the health of Bitcoin.
There has to be lots of people buying that amount of Bitcoin for it to have a reasonable effect on the price of Bitcoin
sr. member
Activity: 644
Merit: 264
Aurox
This is a great insight that you shared with us and I thank you. The data could tell us that there is a possibility that something big will happen in the coming months. I am in line with the though that big corporations, insitutions are now entering bitcoin in preparation for something big. In my opinion this is in relation to the current economic war between the United States of America and China. As we all know to prevent economic losses and economic breakdown President Trump has to lessen interest on dollar loans. This means that big figures are threatened of the possible economic breakdown of USA and is buying bitcoin as insurance.
sr. member
Activity: 910
Merit: 351
Am I crazy or just glancing at this chart gives zero indications that the two are related? I don't see paired spikes or anything that shoes upcoming spikes or dips.

There are no direct relations. Having more people save 1k of coins is not the same as having 1k people pumping the coin every day, but some people think it's a sign that a lot of people are now considering to hold a lot of bitcoin. Which means, more people consider it as a valuable thing.
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