Bitcoin Whales Now Control 45.6% Of BTC Supply

July 4, 2022 3:58 pm

Crypto analytics agency Glassnode just shared data that indicates that Bitcoin whales now control roughly 45.6% of total Bitcoin supply.

The agency defines a whale as a wallet that holds more than 1000 BTC and it seems that Bitcoin whales are not changing their behavior despite the recent market slump.

Information shows that these wallets are continuing to accumulate more BTC where they are buying roughly 140,000 BTC from exchanges every single month.

Investors often observe the patterns and behaviors of transactions made from these wallets as they often signal institutional behavior.

U.today reports:

Bitcoin accumulation by whales began in April and increased until late June, when the price per BTC reached the $20,000 range.

Meanwhile, the accumulation rate has already exceeded the size of the second half of both 2020 and 2021 but lags behind the first half of 2021.

The concentration of 8.69 million BTC, or 45.6%, of the total supply can be considered a historical mark, which, judging by the trend and aggressive strategy of major market players, may soon be overcome.

It is unclear if at least 50% of the BTC supply will be accumulated before the capitulation is completed and the new momentum begins, but one can say that Bitcoin whales now have more influence on the process, and this can hardly be considered a good signal.

The continued accumulation of BTC during the recent crypto bear market is not something that is specific to the whales though.

The data is also showing that accumulation has also increased for wallets that have a small supply of BTC and the total of these smaller sized wallets have managed to acquire roughly 37K BTC per month.

Although the size is much less than those of the whales, it may help provide hints on the overall market sentiment and where we are in the current market cycle.

With that being said, there is still quite a lot of indecision within the markets right now as other financial markets are also in a downturn due to uncertain economic factors such as inflation.

CryptoNewsBTC.org reports:

On the identical time, in response to the identical Glassnode tweets, whales should not alone in aggressively shopping for Bitcoin.

Thus, minority holders with wallets of lower than 1 BTC, amusingly known as shrimps, are additionally intensively accumulating at a tempo not seen since March 2020.

As a result of stats, shrimps buy a mean of 36,750 BTC per thirty days and at the moment management 1.12 million BTC, which equates to five.87% of the overall provide.

Apparently, nonetheless, not all shrimps are concerned within the course of, as a result of within the cryptocurrency market as within the ocean, whales eat shrimps, and if all shrimps purchased Bitcoin, there could be nothing left for the whales to eat.

As of right now, BTC is currently recorded at a price of $19.8k and has a total market cap of $378B at the time of writing.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.