The number of bitcoin whales has declined steadily from 2016, but recently began to grow again. Analysts Glassnode understood the nature of the observed phenomenon.
As the whale is considered the person in possession of 1,000 BTC or more. The analysis has taken into account the independent holders of the cryptocurrency, not private wallets. Also, the rate of exchange was excluded addresses.
Using the tools of grouping wallets, analysts have recorded a growth in the number of whales up to about 1 800. At their disposal really is more and more bitcoins. This increase is still not significant, but may become so if the trend will continue. It was also noted that individual whales do not become richer.
The number of bitcoin whales over 5 years
If you compare the current performance values of five years ago, it appears that the number of bitcoins available to the whales fell 22% from 6.7 million to 5.2 million, the Figure began to recover only this year, as more and more holders began to meet the definition of a whale.
The number of bitcoins available to whales over 5 years
The rest of the wallets of whales peaked in early 2016. Despite the growth of assets of whales this year, indicators are still far from the record.
The number of bitcoins available to the whales for all time
The maximum dominance of whales was noted in 2011, however, it is now observed the first case of a stable growth of this indicator for almost 10 years.
The dominance of bitcoin whales for all time
Despite the increase in the number of bitcoins in the wallets of whales, as a group now they are not so rich in dollar terms, as at certain moments in the past, for example at the peak in 2017.
The dollar value of assets bitcoin whales over 5 years
If the number of whales continues to grow at the current pace, we can expect that the dollar value of their assets reach levels of June 2019. At the same time, to update the absolute maximum growth in the number of whales is unlikely to be enough: you will need an increase in the market rate of the cryptocurrency.
Along with this particular bitcoin whales got a little poorer. The average balance on the wallet whale falls since 2011 and shows no signs of recovery in the current year.
The average balance on the bitcoin wallet whale all the time
Most of the increase in the number of whales can be attributed to new investments and withdrawal of assets with bitcoin exchanges, say analysts. The exchange balances in bitcoins are falling from the beginning of the year; especially the rapid decline began after the collapse of the market in March.
The number of bitcoins available to whales on the exchanges in 2020
As can be seen in the presented images, the reduction in stock balances coincides with the increase in the number of whales and remnants in their wallets. The outflow of bitcoin from the exchanges in this case was compensated by the inflow on the wallets of whales. As a result, for a short time, arose, as might be expected, many new whales, which are actually just withdrew money with trading platforms.
The dominance of bitcoin whales and exchanges in 5 years
«Whales could benefit from black Thursday to log on to the minimums, and then withdrew bitcoins for long term storage waiting for the next bullish upswing,» analysts suggest.