According to recent data, crypto participants known as ‘bitcoin whales’ have been steadily accumulating bitcoins, and not selling since the ‘Black Thursday’ market carnage on March 12, 2020. Onchain data and blockchain analysis firms indicate that the number of bitcoin whales with 1,000 to 10,000 BTC or more on a single address has increased significantly.
Small and Mega-Bitcoin Whales Accumulate More Coins During the Market Dip
In the cryptocurrency world, investors who hold a large number of digital assets are typically called ‘whales.’ There are also all types of whales like BTC whales, ETH whales, and BCH whales. The definition of a BTC whale would be a person or organization (a single address) with around 1,000 BTC or more. Whales with around 1,000 BTC would be considered small whales and at the time of publication, there are 2,002 addresses with 1K BTC or more. Onchain data from December 17, 2018 (1,754) until May 1, 2020, shows these smaller whales grew by 14.13%. Then there are mega-whales who own 10,000 BTC or more, which is around $87 million using today’s exchange rates.
Onchain BTC data on December 17, 2018, and February 25, 2019.
Onchain data from December 17, 2018, shows at the time there were 91 addresses with 10,000 BTC or more. Today’s statistics show there are now 106 addresses with 10,000+ BTC. The data highlights that whales with 10K BTC or more have grown by 16.48% since the end of 2018. On February 25, 2019, there were 1,709 addresses with 1,000 BTC or more. Since then, the increase of smaller whales has been around 17.14%.