Advertisement
AD

Main navigation

Whales’ Bitcoin Holdings Drop to 25% of BTC Supply, Prominent Analyst Provides Details

Advertisement
Thu, 12/08/2021 - 12:19
 Whales’ Bitcoin Holdings Drop to 25% of BTC Supply, Prominent Analyst Provides Details
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents
Advertisement

Renowned crypto expert Willy Woo has taken to Twitter to announce that the circulating Bitcoin supply is distributed differently now and crypto whales are holding less than they used to.

Crypto whales' BTC holdings drop to 25 percent of supply

Willy Woo has shared a chart he made up using data from various sources. The chart shows the way the circulating Bitcoin supply is being distributed at the moment.

The share of large crypto holders (also known as whales) has declined and now constitutes 25 percent. Previously, it was about twice as big.

As reported by U.Today previously, South Korea-based on-chain data collector CryptoQuant tweeted that crypto whales held around 48 percent of the BTC supply in circulation. By whales here, he implies wallets with 1,000+ BTC.

"Middle class" whales hold 37 percent of circulating BTC

BTC supplies held by other market participants are also visible on the chart: 10-1,000 BTC wallets (Woo refers to them as the "middle class," but they are still whales) hold approximately 37 percent of the Bitcoin supply. This number is also in decline.

Publicly held entities (such as crypto exchanges, public companies, ETFs) own 18 percent of the flagship crypto supply; here the chart demonstrates a substantial rise.

Investors who hold less than 10 BTC are also increasing their holdings. Woo refers to them as minnows, and their BTC stashes have grown to 14 percent. The increases and declines on this chart have been taking place over the past few years mainly.

The analyst has used data provided by Glassnode and his own sources to make this chart.

Related
Rock Legend Gene Simmons Says He's "All In" on Bitcoin

"A lot of capital can potentially go into Bitcoin"

According to CryptoQuant-verified analyst Jan Wuestenfeld, there are large amounts of stablecoins residing in centralized crypto exchanges at the moment and they are close to all-time highs.

Unless these funds are being prepared for investment into crypto loan products (yield farming, etc.), the expert writes, they can be potentially deployed in the flagship cryptocurrency.

According to the chart, the rise of the stablecoin supply on exchanges has taken place just recently—between July and August.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD