The number of whale wallets holding large amounts of Bitcoin is decreasing, which is seen as positive for decentralization and reducing market manipulation. Glassnode, an on-chain analytics provider, reported a perpetual decline in the number of Bitcoin whales. In 2021, there were 2,169 whales holding over a thousand coins, but now there are 1,672, representing a 23% decrease. The decline began in the first half of 2021 and continued after the Terra/Luna ecosystem collapse. Despite recent price gains, the number of Bitcoin whales is at its lowest level in over three years. The majority of the richest BTC wallets belong to exchanges like Binance. Glassnode also revealed that only a small percentage of BTC is active and available for sale. Bitcoin prices are consolidating around $30,000, facing resistance. There has been an increase in exchange inflows, suggesting a potential profit-taking trend. If BTC remains constrained at current levels, a pullback to support becomes more likely.
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