Bitcoin Whales Bought the F**king Dip: Research
Bitcoin whales – investors or firms with at least 1,000 BTC – bought the crypto market dip with a vengeance in late 2018, possibly spurring the 2019 rally. | Source: Shutterstock
By CCN: When the whales start splashing, you can be sure that a major Bitcoin market move is afoot. New research reveals that these high-rolling crypto investors accumulated a staggering 450,000 BTC over the past nine months, especially as the market careened toward its bear market lows in late 2018.
In other words, the whales bought the freaking dip. And now they’re riding the bull market tidal wave all the way to the bank.
Diar: Whales Own 1/4 of All BTC – And They’re Buying More
According to the latest issue of Diar, more than one-fourth of all Bitcoin funds are held in “whale” wallets with more than 1,000 BTC each. The research article correlates the increase in significant holdings with the last time Bitcoin was at its current price (last August) and points out that addresses holding this level of coin have increased to over 26% of the circulating BTC supply.
The analysis excludes Coinbase-controlled addresses because the US crypto exchange giant created a number of these “whale wallets” when it massively reorganized its cold storage system. If it had included them, then more than 1.2 million BTC would rest in addresses with between 1,000 and 10,000 BTC each. Instead, about 450,000 BTC have entered these semi-active accounts within the last nine months, with major accumulation taking place at the bottom of the bear market in December.