Bullish Bitcoin Whales Add Over $11 Billion USD to Holdings

The top large-scale Bitcoin investors, or Bitcoin whales, are adding to their Bitcoin holdings, with a more than 16% accumulation to their portfolios over the past month.

The top 100 wallet addresses saw around 334,000 Bitcoin, which was around $11 billion USD worth of Bitcoin at the time of transacting, flood in.

How did whales respond to the price drop?

Surprisingly, 93% of the top Bitcoin whales barely blinked when Bitcoin fell from its new all-time high of $41,000 USD to below $33,000 USD. 7% of the addresses made a transfer out of their wallets – likely to trade or sell –  since Bitcoin saw its new record price. The movement of the cryptocurrency from the wallets implies that the whales are looking to hold for medium to long-term investment. Only eight of the top 100 wallets have had more than ten transactions since the middle of December.

Several of the addresses, while anonymous by nature, are known to be controlled by leading entities and cryptocurrency corporations such as exchanges Several of the addresses are owned by cryptocurrency exchanges including Huobi, Binance, Bittrex, and Kraken – made up of several addresses per company. The others are alleged to be controlled by either wealthy Bitcoin bulls and institutional investors.

Huobi stands as the owner of the single largest wallet at the time of writing, Bitfinex is the fourth largest holder, and Binance stands in the top ten as the ninth largest wallet currently.

What is a Bitcoin whale?

To classify as a Bitcoin whale, or stand as one of the largest investors in the cryptocurrency industry, a wallet address must hold more than $336 million USD worth of Bitcoin. The top ten addresses count for more than $2.2 billion USD worth of Bitcoin per address. According to data tracker BitInfoCharts, only 36% of the top addresses have transferred out of their addresses, meaning the majority of the large scale holders have only accumulated and never sold their Bitcoin.

Related Articles

The top three privacy-focused cryptocurrencies

Privacy cryptocurrencies are designed to offer the greatest anonymity and security possible with untraceable transactions.

Anchorage announces layoffs amidst regulatory uncertainty

Another cryptocurrency firm has announced that it will be reducing its workforce to better focus resources.

What are crypto firms going to do with banking options?

With leading banks that service crypto closing down, what other options do crypto firms have for finances? In this, we explore.

The crypto-friendly Signature Bank slapped by lawsuit

The cryptocurrency-friendly Signature Bank and its former executives are being sued by shareholders for alleged fraud and misleading claims.

See All