Bitcoin Whales Have Accumulated Thousands of Coins in the Last 2 Months
Cryptocurrency markets experienced a long bearish cycle last year which has continued into 2019. With some of the top cryptocurrencies like bitcoin cash (BCH) and bitcoin core (BTC) losing significant fiat value, large holders, otherwise known as ‘whales,’ have been able to accumulate massive amounts of digital assets.
According to the top 100 rich list addresses for both coins, the world’s richest bitcoin holders have taken full advantage of ‘weak hands’ and discounted prices.
During the start of the weekend on Feb. 22, popular cryptocurrencies were coasting along after making some decent gains a few days prior. However, on Feb. 24 prices fell sharply and most coins lost 10 percent of their fiat value in a 30-minute timeframe. This type of trend has been a consistent pattern over the last 14 months. These ups and downs have allowed large BTC and
BCH holders to capture coins at a cheaper rate every time prices have dropped and whales have managed to stockpile thousands of coins. Looking at the top 100 rich list addresses for both networks indicate that whale wallets increase their accumulated holdings during every large drop. The large drop on Feb. 24 was no different and whales managed to get a lot more BCH and BTC immediately after crypto prices were slashed.
Feb. 24, 2019, BTC/USD dumps 10 percent and many other cryptocurrency market prices followed the same pattern.
The rich list for the top 100 BTC holders also shows a bunch of exchanges, but these wallets are clearly labeled so the public can track them. Today, on Feb. 25, cryptocurrency
exchange Bittrex has the largest BTC cold wallet with 130,005 BTC ($494 million). In fact, the five largest BTC addresses recorded on Bitinfocharts.com are all owned by exchanges Bitfinex, Bitstamp, Huobi, and Binance. Aside from exchange wallets, a good portion of large wallet owners are unknown, and observing the rich list can give people a good indication of how much influence whales have over the price.
Bitcoin cash (BCH) and bitcoin core (BTC) rich lists show large whales are growing much larger after a few rounds of market volatility.
At the moment, the 100 richest addresses have between 10,000 to 1,000,000 BTC or 16.18 percent of all BTC in circulation. From December 17, 2018 up until Feb. 25, 2019, the five largest wallets which belong to exchanges increased by 2,879 BTC ($10.8 million). But the remainder of the top 100 whales (some of which are smaller exchanges) managed to accumulate 151,405 BTC ($572 million) in less than two months. Holders who have 100-1,000 BTC (14,749 addresses) have seemingly given up a lot of coins to the much larger holders as wallets of this size have decreased from 72.13 percent to 62.08 percent.