On-chain analysis company Glassnode's data shows that the average open interest of Bitcoin "whales" (entities holding 100 to 10,000 Bitcoins) has dropped to 488 Bitcoins, marking the lowest level since December 2018. This trend indicates that, despite a recent market rebound, well-capitalized large investors have not supported the rise, but instead accelerated their dumping. This behavior may pose potential unfavourable information for future Bitcoin prices. In contrast, Ethereum's "super whales" have stopped increasing their holdings during the recent price surge, with their 30-day balance change dropping to zero.
The average holdings of whales is only 488 Bitcoins.
On X platform, the on-chain analysis company Glassnode explores the latest trends in the average holdings of "Whales" in a new article. Glassnode defines "Whales" as entities holding between 100 to 10,000 Bitcoins. At the current exchange rate, the lower limit of this range is 11.2 million USD, and the upper limit is 1.1 billion USD.
Therefore, only those traders with substantial funds qualify to be classified as "Whales". These holders have a certain degree of influence in the market, so their actions are worth paying attention to.
However, measuring the behavior of the whale group usually based on the total open interest may distort its sentiment, as larger investors have greater weight within the whale group.
One way to understand the average holdings of whale groups is to observe the average holdings size of the members of that group. The chart below, shared by Glassnode, shows the trend of Bitcoin holdings over the past few years.
(Source: Glassnode)
From the chart, it can be seen that the average Bitcoin supply of the whale group peaked in early 2022, but as the bear market swept through the industry, the supply began to decline. This indicates that the whale group reduced its holdings of Bitcoin during this period.
Why are whales continuously adjusting their positions?
As BTC begins to recover in 2023, the whale group has started to average an increase in holdings again, although the pace has slowed compared to the previous cycle. This increase in holdings continues until mid-2024, when a reversal occurs again.
Interestingly, the whales not only did not support the rise from then to now, but instead accelerated the dumping. Especially during the rise at the end of 2024, these large investors quickly reduced their Holdings.
Currently, the average Bitcoin supply held by each Whale is only 488, which is the lowest level since December 2018 (almost seven years ago).
In another article, this analysis company also talked about the recent performance of Ethereum whales. Glassnode specifically shared the holdings trend of "super whales," which hold more than 10,000 ETH (44.6 million USD).
(Source: Glassnode)
As shown in the figure above, Ethereum super whales participated in buying during the recent price surge, but their accumulation has now stopped, and their 30-day balance change has fallen to zero.
Conclusion
Glassnode's on-chain data reveals a concerning trend in the Bitcoin and Ethereum markets: despite recent price fluctuations, the average open interest of large investors is declining or has stopped growing. The holdings of Bitcoin whales have fallen to their lowest point in years, which may indicate that the current rise lacks strong support from institutional levels, and the market may face challenges in the future. While investors focus on short-term price fluctuations, they should also closely monitor this on-chain data that reflects long-term trends.
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The Bitcoin whale holdings indicator has reached a seven-year low, which may pose potential unfavourable information for the future BTC price.
On-chain analysis company Glassnode's data shows that the average open interest of Bitcoin "whales" (entities holding 100 to 10,000 Bitcoins) has dropped to 488 Bitcoins, marking the lowest level since December 2018. This trend indicates that, despite a recent market rebound, well-capitalized large investors have not supported the rise, but instead accelerated their dumping. This behavior may pose potential unfavourable information for future Bitcoin prices. In contrast, Ethereum's "super whales" have stopped increasing their holdings during the recent price surge, with their 30-day balance change dropping to zero.
The average holdings of whales is only 488 Bitcoins.
On X platform, the on-chain analysis company Glassnode explores the latest trends in the average holdings of "Whales" in a new article. Glassnode defines "Whales" as entities holding between 100 to 10,000 Bitcoins. At the current exchange rate, the lower limit of this range is 11.2 million USD, and the upper limit is 1.1 billion USD.
Therefore, only those traders with substantial funds qualify to be classified as "Whales". These holders have a certain degree of influence in the market, so their actions are worth paying attention to.
However, measuring the behavior of the whale group usually based on the total open interest may distort its sentiment, as larger investors have greater weight within the whale group.
One way to understand the average holdings of whale groups is to observe the average holdings size of the members of that group. The chart below, shared by Glassnode, shows the trend of Bitcoin holdings over the past few years.
(Source: Glassnode)
From the chart, it can be seen that the average Bitcoin supply of the whale group peaked in early 2022, but as the bear market swept through the industry, the supply began to decline. This indicates that the whale group reduced its holdings of Bitcoin during this period.
Why are whales continuously adjusting their positions?
As BTC begins to recover in 2023, the whale group has started to average an increase in holdings again, although the pace has slowed compared to the previous cycle. This increase in holdings continues until mid-2024, when a reversal occurs again.
Interestingly, the whales not only did not support the rise from then to now, but instead accelerated the dumping. Especially during the rise at the end of 2024, these large investors quickly reduced their Holdings.
Currently, the average Bitcoin supply held by each Whale is only 488, which is the lowest level since December 2018 (almost seven years ago).
In another article, this analysis company also talked about the recent performance of Ethereum whales. Glassnode specifically shared the holdings trend of "super whales," which hold more than 10,000 ETH (44.6 million USD).
(Source: Glassnode)
As shown in the figure above, Ethereum super whales participated in buying during the recent price surge, but their accumulation has now stopped, and their 30-day balance change has fallen to zero.
Conclusion
Glassnode's on-chain data reveals a concerning trend in the Bitcoin and Ethereum markets: despite recent price fluctuations, the average open interest of large investors is declining or has stopped growing. The holdings of Bitcoin whales have fallen to their lowest point in years, which may indicate that the current rise lacks strong support from institutional levels, and the market may face challenges in the future. While investors focus on short-term price fluctuations, they should also closely monitor this on-chain data that reflects long-term trends.