Main navigation

These Five Addresses Now Hold 770,000 BTC and Adding Even More: Details

News
Wed, 06/22/2022 - 08:36
article image
Arman Shirinyan
Only five addresses can ruin whole crypto market if they want, but it won't happen (we hope)
These Five Addresses Now Hold 770,000 BTC and Adding Even More: Details
Cover image via unsplash.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

The number of "gig-whales" on the Bitcoin network has remained the same for a long time now, but after the most recent sell-off on the cryptocurrency market, we saw a 16% increase in the number of large Bitcoin holders.

The mentioned whales are currently holding almost 800,000 BTC worth approximately $16 billion. The increase in the number of "giga-whales" is followed by a decreasing number of addresses that hold from 10,000 to 100,000 BTC.

Bitcoin chart
Source: TradingView

Such a tendency tells us that Bitcoin holders who own over 770,000 BTC at this point are comfortable buying digital gold at the bottom or in a strong downtrend without worrying about temporary losses that they can average down by acquiring an even larger portion of BTC on its way down.

Some users expressed concerns over the fact that only five addresses are holding such a massive amount of BTC that they can pretty much ruin the whole market if they poured on it unexpectedly, as no exchange or market maker can cover $16 billion worth of selling pressure at the moment.

Related
Grayscale Boss Explains Why Approval of Inverse Bitcoin ETF Is Good Sign for Crypto

It is also important to note that some of these addresses could be centralized exchange vaults that hold massive amounts of BTC in their reserves. If wallets accounted for in IntoTheBlock's metrics are not exchange-related addresses, then they are most likely owned by large companies or institutional investors like MicroStrategy.

Previously, U.Today covered the fact that the market has faced a massive Realized Loss during weekend trading days of $7.2 billion, which is a record for the industry.

At press time, Bitcoin is trading almost exactly at $20,000.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.