According to data from crypto analytics agency Glassnode, Bitcoin whales—those who hold more than 1,000 BTC—are not changing their ways at the time of the current crypto market capitulation and traditionally accumulate large amounts in their wallets. These subjects act aggressively and buy 140,000 BTC on average every month directly from exchanges. Such dynamics led to a concentration of 45.6% of the total Bitcoin supply in whales' wallets, which equals 8.69 million BTC.
Whales (>1k $BTC) typically go through accumulation / distribution cycles, often aligned with #Bitcoin market structure.
— glassnode (@glassnode) June 29, 2022
These entities are also adding to their balance aggressively, acquiring 140k $BTC/month directly from exchanges
Whales now own 8.69M $BTC (45.6% Supply)
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Bitcoin accumulation by whales began in April and increased until late June, when the price per BTC reached the $20,000 range. Meanwhile, the accumulation rate has already exceeded the size of the second half of both 2020 and 2021 but lags behind the first half of 2021. The concentration of 8.69 million BTC, or 45.6%, of the total supply can be considered a historical mark, which, judging by the trend and aggressive strategy of major market players, may soon be overcome.
Life in the crypto ocean
It is unclear if at least 50% of the BTC supply will be accumulated before the capitulation is completed and the new momentum begins, but one can say that Bitcoin whales now have more influence on the process, and this can hardly be considered a good signal.
At the same time, according to the same Glassnode tweets, whales are not alone in aggressively buying Bitcoin. Thus, minority holders with wallets of less than 1 BTC, amusingly referred to as shrimps, are also intensively accumulating at a pace not seen since March 2020. Due to the stats, shrimps purchase an average of 36,750 BTC per month and currently control 1.12 million BTC, which equates to 5.87% of the total supply.
Small #Bitcoin holders with < 1 $BTC have been adding to their balance at the most aggressive rate since March 2020.
— glassnode (@glassnode) June 29, 2022
Shrimps are adding at 36.75k BTC/month which is 0.2% of the circulating supply, and 1.36x monthly issuance.
Shrimps now hold 1.12M $BTC in total.
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Apparently, however, not all shrimps are involved in the process, because in the cryptocurrency market as in the ocean, whales eat shrimps, and if all shrimps bought Bitcoin, there would be nothing left for the whales to eat.
Arman Shirinyan
Yuri Molchan
Godfrey Benjamin
