On-chain data tracker Glassnode has detected a change in the behavior patterns that Bitcoin (BTC) whales periodically display. Glassnode, which shared its official Twitter account the other day, shared a striking graphic.
The growth in the Number of Whale on the #Bitcoin network has been diminishing cycle upon cycle.
However, when assessing for our current cycle, we note a slight deviation in trend, with our present Epoch recording a 7% larger expansion in Whale growth than the prior.
🟡 Epoch… pic.twitter.com/dHGll8Wj9U
— glassnode (@glassnode) May 15, 2023
Analyzing whale movements between halving periods, crypto experts revealed that the number of whales increased less after each halving. After the first halving on the Bitcoin network, the number of whales increased by 436%, while this metric was 139% and 91% in the 2nd and 3rd periods.
On-chain analysts have determined that the number of whales has entered an increasing trend again in the 4th halving period. Whale count has increased by 98%, although there are still 11 months left for the next reward halving. This reveals that the dwindling whale thesis is no longer valid.
A number of experts evaluated this situation and stated that they expected a further rise in the next halving period.
Although the leading cryptocurrency started the second half of May with buyers, the rise was not permanent.
If there is no important news for Bitcoin, it may continue to stay flat in the $ 28,700-24,800 range for a few more weeks. Experts expect a new rally season if the $32,200 resistance is crossed.