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Bitcoin Whale Numbers Increase To All-Time-High Amid Last Bull Run

Traders Adamant That Bitcoin Has Bottomed, Whales Keeping the Price Stable

Bitcoin (BTC) has seen their numbers reach a new all-time high thanks to the ascension of the BTC price last week. The measurement for a whale wallet is any wallet containing more than 1,000 BTC (Worth around $13 million). On the 25th of October, 2020, the number rose up to 2,231 BTC whales in total, with it recorded at 2,178 whales on the 20th of October.

Massive Amounts Of BTC Owned By Whales

Crunching the numbers provided by Glassnode, it’s safe to say that the crypto whales of Bitcoin control a minimum of 2.25 million BTC, which stands as 12% of the current BTC supply.

BitcoinCharts, a Bitcoin network data provider, makes it clear that these numbers are far higher. According to BitcoinCharts, a staggering 7,902,469 BTC is held by whales, accounting for 42% of the total supply. Another key thing to consider is the fact that the number of whale addresses are known, but not the names of the entities or individuals controlling it, or how many there are.

A single wallet could be controlled by many entities or individuals, or many wallets can be controlled by a singular entity. Alongside this, the possibility of multi-signature wallets exists, where a single address is controlled by multiple parties.

Glassnode Claims That 98% of Unspent Bitcoin Could Sell for A Profit

Satoshi And Hodlers Still Keeping Their Coins Close

It’s alleged by researchers that an estimated 1.1 billion in Bitcoin has been, or still is, controlled by Satoshi Nakamoto, the enigmatic creator and original miner of Bitcoin. A massive amount of coins believed to be Nakamoto’s have yet to be moved in more than a decade of Bitcoin activity.

Another new pattern can be seen in the dramatic increase of “hodlers,” or those holding on to Bitcoin until it’s worth incredible amounts. This is expressed by way of showing the Bitcoin supply that has not been moved for quite some time. As it stands now, 62% of all Bitcoin’s supply hasn’t been moved for at least a year. Almost one-third of the total supply has yet to change addresses for three or more years, as well.

A Large Price Increase

Bitcoin has seen its highest weekly close since back in 2018 this week. Even so, it seems that neither hodlers nor whales are particularly keen to dump their holdings into the markets for profit.

Time will tell if this new bull run will last, since this stands as the highest price seen all year, especially since the COVID-19 pandemic.  Historically speaking, large bull runs lead to steep corrections, but overall the price of Bitcoin continuously rises. It will be interesting to see if this trend continues or if Bitcoin has finally “settled” into a price range.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.