Bitcoin (BTC) is going through a turbulent season, instilling fear in the hearts of retail traders all over the world. Despite the panic, the largest Bitcoin whales are steadily increasing their holdings, setting a new record for the network.
Giga-Whales flex their muscles
The greatest Bitcoin whales are aggressively increasing their holdings, setting an all-time high. Giga-whales with over 100,000 BTC have raised their holdings by 16% over the past 30 days, according to statistics from IntoTheBlock, a blockchain analytics company.
The report also suggested that “over 776K BTC is held by a grand total of 5 addresses.” Whales have been on a Bitcoin shopping spree since the beginning of the year, and according to a Santiment report, whales have increased their assets by 12.8% in the last 20 weeks.
“The mega whale addresses of Bitcoin comprised partially of exchange addresses, own their highest supply of BTC in a year,” according to the Santiment report. The most recent data from IntoTheBlock indicates that the largest whales are still following the strategy of buying the dip.
In the last 30 days, BTC has dropped to a low of $17,708, while its market capitalisation has dropped below $1 trillion amidst the freezing crypto winter. Sentiment quickly shifted from bullish to bearish as retail traders panicked and sold their BTC, but whales took advantage of falling prices to buy even more.
Whales have a significant impact on the cryptocurrency ecosystem, as mere reports of whales dumping assets can cause prices to plummet. In contrast, reports of Bitcoin whales HODLing can create scarcity, causing asset prices to rise.
BTC has reached a new high in the last 30 days.
In response to the data, one Twitter user stated
“You came to crypto because you didn’t have a seat at the fiat table.”
“You now sell your coins, so you no longer have a seat at this table.” Genius!”
Whales have a significant impact on the cryptocurrency ecosystem, as mere reports of whales dumping assets can cause prices to plummet. In contrast, reports of Bitcoin whales HODLing can create scarcity, causing asset prices to rise.
The most powerful holders
The largest Bitcoin whale, according to BitInfoCharts data, is a Binance cold wallet with 252,597 BTC, followed by Bitfinex with 168,010 BTC. Michael Saylor’s MicroStrategy now owns over 129,000 BTC following a $191 million BTC purchase.
Other major Bitcoin holders include publicly listed companies such as Tesla, Galaxy Digital Holdings, and Square Inc. The Winklevoss twins, Micree Zhan, Chris Larsen, and Changpeng Zhao are said to be among the top Bitcoin investors.