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- In the cryptocurrency world, the investors who hold enormous shares of Bitcoin, often referred to as ‘Bitcoin Whales’.
- In February, 2019 there were over 1700 addresses holding which has increased by 17% this year.
- Since the August of 2019, the Bitcoin whales have increased their numbers.
In the cryptocurrency world, the investors who hold enormous shares of Bitcoin, often referred to as ‘Bitcoin Whales’. Whales can often hold millions of Bitcoin. And according to the Bitcoin data, the trend of the large Bitcoin accounts partnering have increased.
What actually are Bitcoin whales?
Bitcoin whales as mentioned above are those users that have invested a very large amount of Bitcoin. However, the term ‘whale’ isn’t only constricted to Bitcoin, it can applied for any cryptocurrency platform for instance, ETH whale, XRP whale and so on.
Basic Classifications of the Bitcoin Whale:
Addresses holding 1000 Bitcoin are given the name ‘little whale’. In February, 2019 there were over 1700 addresses holding which has increased by 17% this year. And the addresses which own 10000 Bitcoin or more referred to as ‘Giant whales’ and there are several of them now.
As of December 2018 there were approximately 91 such Bitcoin addresses holding 10000 and over Bitcoin, which has increased by 16.5% and has become a total of 106 this year. In December, 2018 and in February, 2019 there were 5 addresses that held 100000 Bitcoin.
But as of now, the number of addresses having 100000 Bitcoin is only 3. The net price of Bitcoin in today’s market is worth $873 millions. Consequently, the Bitcoin network has threatened these three particular addresses because they control a huge volume of Bitcoin circulation.
The Number of Bitcoin Whaled Increased Since September, 2019
Since the August of 2019, the Bitcoin whales have increased their numbers. In April, 2020 Glassnode reported 11% of the addresses having 10000+ Bitcoin.
However, this particular increase in the number of addresses may not necessarily mean that the holders have increased in number. Because the same holder can in all means have multiple accounts. However, it is also probable that this is just an outcome of increased interest from the investors that have held accounts for a long time as well as from larger investors.
Black Thursday May be Responsible for the Increment of the Large Whales
As of May 1, the number of small investors or addresses holding 100 BTC or more is around 14000. Whereas in December, 2018 there were 14809 addresses and the next year, the number of addresses lowered down to 14749.
By this trend the analysts suggest that, in all probability these address holders may have sold their bitcoin to relatively larger whales. During the Black Thursday the price of Bitcoin dropped down to $3600 which made easier for the larger whales to purchase them as the asset had much lower value.
Coincidentally, major cryptocurrency exchanges like Kraken, Binance and Coinbase reported high influx of buyers following 24 hours of the Black Thursday.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
