As Bitcoin’s price skyrockets, BTC whales are starting to shrink in size – Markets and Prices Bitcoin News
Recent metrics from various analytical web portals show that the amount of Bitcoin whales has been decreasing recently. The data suggests that the leading crypto asset has been distributed quite a bit since the price spike began.
Bitcoin whale pods are shrinking – addresses with small amounts of Bitcoin are catching the downward distribution cycle
Today, data shows bitcoin whales are shrinking, and metrics from bitinfocharts.com’s list of 100 richest bitcoin addresses compared to a whale-telling article published on May 14, Bitcoin.com News, shows things have changed. Statistics from Glassnode show that whale-sized addresses at 1,000 BTC + have dropped to its lowest level in eight years and ten months.
In addition to these two websites that offer onchain whale analysis, Whalemap.io also implies a decline in whales (balance ≥ 1k) and a downward distribution cycle. Also, the 100 richest Bitcoin addresses from bitinfocharts.com show that there were three whales with 100,000 to 1 million BTC on May 13, 2021.
There are only three left today, and that number has not changed for a long time. In terms of addresses with 10,000 to 100,000 bitcoins, the number has decreased from 85 to 77 addresses since May 13th. As for holders with 1,000-10,000 Bitcoin, there were around 2,078 addresses five months ago and now there are 2,069.
Trickle Down Distribution – Bitcoin whales dumped coins during the 2012 Bull Run
Additionally, the 100 to 1,000 BTC addresses were around 13,989 five months ago and are now 13,987. The lower threshold of addresses with 10 to 100 BTC or less has increased significantly in the past five months.
Bitcoin logarithmic growth curves according to lookintobitcoin.com. The last time the whale group of 1,000 Bitcoin owners was this low was in mid-December 2012, after the previous bull run in the summer months.
In the past few weeks, all BTC addresses with fewer than 1,000 addresses on hold have swelled. 51.24% of the recorded addresses have between 0 and 0.001 BTC, which corresponds to 19,716,447 Bitcoin addresses. Addresses holding 0.1 to 1 BTC today are equivalent to roughly 2,437,951 Bitcoin addresses and there are 665,893 holders with at least 1 to 10 BTC.
February – May $ BTC whales (> 1k BTC) were gradually sold to private investors (> .1 BTC). For this reason, the distribution phase is shown in the HT diagram. They manipulated the price to keep the price stable until they finished selling – then they collapsed. The whales have won again. #Bitcoin pic.twitter.com/ia8C8ze99h
– Illusive ⛓ (@IllusiveTrades) October 10, 2021
It’s entirely possible that Bitcoin (BTC) has risen over 25% in the past 30 days, but a number of Bitcoin whales have taken some cream off the top by selling it. It is also likely that whales simply distributed their Bitcoin wealth to more addresses.
The last time BTC whale addresses were this low was the Christmas season in 2012 and that followed Bitcoin’s first bull run. In the summer of 2012 and the fall months, BTC peaked at $ 30 per unit, but in December 2012 it was a little over $ 2 per coin. The whale number also experienced a strong downward distribution cycle at this time. A whale with 1,000 Bitcoin on Sunday evening is worth around $ 62 million.
Tags in this story
Addresses, Bitcoin Rich List, Bitcoin Whales, Bitinfocharts.com, BTC, BTC Whales, Bull Run 2012, downward distribution cycle, five months ago, funds, glassnode, individuals, May 13, 2021, Traders, Whales Entities, Whalemap.io, Whales
What do you think of the decline in the number of whales? Let us know what you think on this matter in the comments below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a Florida-based financial tech journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.
Photo credit: Shutterstock, Pixabay, Wiki Commons, lookintobitcoin.com, bitinfocharts.com,
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