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Seeking Alpha
2020-07-13 12:34:38

Bitcoin 'whale' addresses head lower - bullish or bearish?

via CoindeskAccording to Glassnode, there are now just 103 addresses holding at least 10K Bitcoin (BTC-USD) - that's the lowest amount since May 2019, and down 8% over the last 2.5 months.At current prices 10K Bitcoin would be worth nearly $100M.The knee-jerk reaction to that information seems bearish, i.e. "whales" lightening their stakes might not be great news. But GSR Markets' Richard Rosenblum opines that the data suggests crypto markets are becoming more decentralized, and that's a bullish trend.Coindesk takes note of a rise in lower-value Bitcoin addresses of late, with 2,155 now holding at least 1K coins in their accounts, up 3% since April. Also on the rise are those accounts holding at least one coin in their account, not to mention those holding fractions of coins.Bitcoin this morning continues its extreme flatline action of the last few weeks, currently changing hands at $9,260.