{"id":533309,"date":"2023-05-16T23:00:12","date_gmt":"2023-05-16T23:00:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=533309"},"modified":"2024-06-11T08:12:54","modified_gmt":"2024-06-11T08:12:54","slug":"bitcoin-whales-break-pattern-halving-cycles-glassnode","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-whales-break-pattern-halving-cycles-glassnode\/","title":{"rendered":"Bitcoin Whales Break A Pattern Held Throughout Halving Cycles: Glassnode"},"content":{"rendered":"

On-chain data from Glassnode shows the Bitcoin whales have recently broken a pattern that was previously held through the halving cycles.<\/p>\n

Bitcoin Whale Growth Had Previously Been Diminishing With Each Cycle<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, the current cycle is displaying an interesting deviation from the rule followed during the last few cycles.<\/p>\n

Here, the cycles or the “epochs” for the cryptocurrency have been defined using the halving events. “Halvings<\/a>” are periodic blockchain events that permanently cut in half the block rewards that the miners receive for solving blocks.<\/p>\n

These events occur every time 210,000 blocks have been mined on the network, or approximately every four years. The reason they are generally selected as the start and end points for BTC cycles is that they carry profound impact on the economics of the market as the production rate of the asset is cut in half following them. This increase in the scarcity of the asset is a narrative so strong that bull runs<\/a> have always followed the halving events.<\/p>\n

The next halving is supposed to take place sometime in the first half of next year. Currently, miners receive 6.25 BTC for every block that they mine, so following this next event, they will only receive 3.125 BTC in their rewards.<\/p>\n

Now, there have been many patterns that have held throughout the Bitcoin cycles, but one such trend looks to be breaking down with the latest epoch, as the below chart highlights.<\/p>\n

\"Bitcoin<\/p>\n

The total number of whales seems to have gone up by 98% in the current cycle | Source: Glassnode on Twitter<\/a><\/pre>\n
The metric of interest here is the percentage growth that the number of whales have registered during each of the epochs. The analytics firm has defined “whales<\/a>” as entities that are holding at least 1,000 BTC in their wallets.<\/p>\n
Note that entities here don’t just refer to individual wallets, but also “a cluster of addresses that are controlled by the same network entity,” which are “estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms.”<\/p>\n
Related Reading: Bitcoin Active Addresses Sharply Decline Despite Transaction Demand, Why?<\/a><\/div>\n
From the chart, it’s apparent that the number of whales went up by 436% in the first cycle, while they only went up by 139% in the second one. The third one saw even less growth at about 91%.<\/p>\n
This would indicate that with each of these Bitcoin cycles, while the BTC whales had continued to increase in number, their percentage growth had been diminishing.<\/p>\n
The current cycle, however, seems to have turned out different from these past cycles so far, as the growth in the number of whales has actually been stronger than the previous epoch this time.<\/p>\n
Related Reading: PEPE Unlikely To Be As Big As DOGE & SHIB, Says Santiment<\/a><\/div>\n
Whales have grown by 98% since the start of the cycle, but it’s worth noting that there are still around 344 days to go before the next halving event. It now remains to be seen whether the indicator resumes the trend from the last epochs before the end of the current one, or if the cycle will truly end with the pattern being broken.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $27,000, down 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has mostly moved sideways in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Mike Doherty on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data from Glassnode shows the Bitcoin whales have recently broken a pattern that was previously held through the halving cycles. Bitcoin Whale Growth Had Previously Been Diminishing With Each Cycle According to data from the on-chain analytics firm Glassnode, the current cycle is displaying an interesting deviation from the rule followed during the last few cycles. Here, the cycles or the “epochs” for the cryptocurrency have been defined using the halving events. “Halvings” are periodic blockchain events that permanently cut in half the block rewards that the miners receive for solving blocks. These events occur every time 210,000 blocks have been mined on the network, or approximately every four years. The reason they are generally selected as the start and end points for BTC cycles is that they carry profound impact on the economics of the market as the production rate of the asset is cut in half following them. This increase in the scarcity of the asset is a narrative so strong that bull runs have always followed the halving events. The next halving is supposed to take place sometime in the first half of next year. Currently, miners receive 6.25 BTC for every block that they mine, so following this next event, they will only receive 3.125 BTC in their rewards. Now, there have been many patterns that have held throughout the Bitcoin cycles, but one such trend looks to be breaking down with the latest epoch, as the below chart highlights. The total number of whales seems to have gone up by 98% in the current cycle | Source: Glassnode on Twitter The metric of interest here is the percentage growth that the number of whales have registered during each of the epochs. The analytics firm has defined “whales” as entities that are holding at least 1,000 BTC in their wallets. Note that entities here don’t just refer to individual wallets, but also “a cluster of addresses that are controlled by the same network entity,” which are “estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms.” Related Reading: Bitcoin Active Addresses Sharply Decline Despite Transaction Demand, Why? From the chart, it’s apparent that the number of whales went up by 436% in the first cycle, while they only went up by 139% in the second one. The third one saw even less growth at about 91%. This would indicate that with each of these Bitcoin cycles, while the BTC whales had continued to increase in number, their percentage growth had been diminishing. The current cycle, however, seems to have turned out different from these past cycles so far, as the growth in the number of whales has actually been stronger than the previous epoch this time. Related Reading: PEPE Unlikely To Be As Big As DOGE & SHIB, Says Santiment Whales have grown by 98% since the start of the cycle, but it’s worth noting that there are still around 344 days to go before the next halving event. It now remains to be seen whether the indicator resumes the trend from the last epochs before the end of the current one, or if the cycle will truly end with the pattern being broken. BTC Price At the time of writing, Bitcoin is trading around $27,000, down 2% in the last week. BTC has mostly moved sideways in the last few days | Source: BTCUSD on TradingView Featured image from Mike Doherty on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":533317,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,88295,19064,1119,1144,61309],"class_list":["post-533309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-halving-cycles","tag-bitcoin-whales","tag-btc","tag-btcusd","tag-glassnode"],"acf":[],"yoast_head":"\nBitcoin Whales Break A Pattern Held Throughout Halving Cycles: Glassnode<\/title>\n<meta name=\"description\" content=\"On-chain data from Glassnode shows the Bitcoin whales have recently broken a pattern that was previously 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Whales Break A Pattern Held Throughout Halving Cycles: Glassnode","url":"http:\/\/uniquehot.com\/news\/bitcoin-whales-break-pattern-halving-cycles-glassnode\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-whales-break-pattern-halving-cycles-glassnode\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/mike-doherty-larQY4lhbT4-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/mike-doherty-larQY4lhbT4-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","bitcoin halving cycles","bitcoin whales","btc","btcusd","glassnode"],"dateCreated":"2023-05-16T23:00:12Z","datePublished":"2023-05-16T23:00:12Z","dateModified":"2024-06-11T08:12:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Whales Break A Pattern Held Throughout Halving Cycles: Glassnode\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-whales-break-pattern-halving-cycles-glassnode\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-whales-break-pattern-halving-cycles-glassnode\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/mike-doherty-larQY4lhbT4-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/mike-doherty-larQY4lhbT4-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"bitcoin halving cycles\",\"bitcoin whales\",\"btc\",\"btcusd\",\"glassnode\"],\"dateCreated\":\"2023-05-16T23:00:12Z\",\"datePublished\":\"2023-05-16T23:00:12Z\",\"dateModified\":\"2024-06-11T08:12:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/mike-doherty-larQY4lhbT4-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/533309"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=533309"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/533309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/533317"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=533309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=533309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=533309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}