Bitcoin Whales Endangered? The Number Of Addresses With 1,000+ BTC At 3-Year Low

The majestic Bitcoin BTC/USD whales — crypto speak for large holders — that once rose as mountains among the waves of the crypto sea are getting thinner after the FTX fallout.

The number of Bitcoin addresses holding at least 1,000 BTC — for a minimum value of about $16.6 million as of press time — just reached a three-year low of 2,090. The biggest of whales are becoming an increasingly endangered species following recent market events.

This is an important data point since such big holders are a major influence in the crypto economy and also some of the biggest experts in riding its waves, when those holders sell major downturns usually follow.

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Glassnode data shows that the seven-day average of the number of Bitcoin addresses sent to exchanges is also at a five-month high. This suggests that a large-scale sell-off is ongoing with many holders liquidating their off-exchange holdings. This is further confirmed by the fact that the seven-day moving average of the median spent output lifespan reached a four-month high of 13.998 days.

While 14 days seems like a short time to hold Bitcoin, this median age considers all of the Bitcoin that gets moved shortly after being moved to its first destination address. Only comparing the number with past values gives a reasonable idea of the market status.

Furthermore, the HODLer net position change reached an 18-month low of -24,379 BTC, further confirming that long-term investors are liquidating their positions.