Data analysis of the 32 most valuable Bitcoin wallets has revealed that whales actively trading are net buyers of BTC, which has helped to stabilize the often-controversial cryptocurrency.

In August of this year, there was widespread discussion regarding a billionaire Bitcoin investor, who allegedly instigated a 15% drop in Bitcoin’s value simply because the holder offloaded around 50,000 coins. The rumors, widely regarded as FUD, sparked speculation in this market’s investors, causing some distress via blogs comments, forums, and news outlets. Eventually, investors flew into a frenzy as they tried to get to the bottom of the day’s sharp decline.

The Bitcoin market disturbance, reported by Bloomberg, was exacerbated simply because if true, it meant just a few major players holding BTC could potentially destabilize Bitcoin’s valuation by liquidating their position. However, a recent study of some of the most valuable Bitcoin wallets has put an end to the unsettling hearsay.

Only 33% Of Bitcoin Whales Have Been Actively Trading

After careful analysis of the top 32 BTC holder’s wallets, it was proven that the concerns raised in late-August were blown out of proportion. It may come as a surprise to many, but the whales of Bitcoin do not all come in a ‘one size fits all package’. In fact, these so-called ‘whales’ have very different traits.

Only 33% of the 32 wallets researched have actively traded Bitcoin over the last year, even when its valuation has been depreciating, suggesting that these traders are in it for the long-term investment upside.

Classification of Current Bitcoin Whales

An examination by Chainalysis of the transaction history that pertains to the top 32 most-valuable, non-exchange-owned Bitcoin wallets resulted in four clear types of whales, which are as follows:

Traders: Transactions reveal that these whales are actively buying and selling Bitcoin. There are 9 investors holding 332,000 coins and the majority of this group entered into Bitcoin trading during or after 2017.

Miners & Early Adopters: This group also holds 332,000 coins. There are 15 wallets in which the owners found themselves suddenly very wealthy after 2017’s hike in Bitcoin value. Most of this group would have entered into the Bitcoin market in 2016 and 2017.

Lost: There are 212,000 bitcoins out there that are lost because the owners of the wallets cannot retrieve their private key. There are 5 wallets in this group.

Criminals: There are 3 wallets with 125,000 bitcoins. One appears to be connected with money laundering activities with the remainder connected to the Silk Road Darknet market.

The Trading Whales Have Been Stabilizing Bitcoin

Ironically enough, and contrary to popular belief, the group of nine that are trading are likely to be stabilizing Bitcoin’s valuation. By measuring the net gain and losses of these wallets, these traders seem to be purchasing Bitcoin when the crypto’s value is in decline.

This essentially indicates that a large amount of fiat currency is being swapped for Bitcoin, as opposed to a mass sell-off for the cryptocurrency, with the latter likely to cause a huge decline in value.

The conclusion here is that those that may have lost confidence in Bitcoin due to the recent rumors of the billionaire whale cashing out of Bitcoin causing a 15% downward surge in value can put their minds at rest.

Only 33% of whales are actively trading and they are going against the grain by buying Bitcoins, and not selling. As their purchases come during periods of price decline this suggests that the owners behind these wallets are professionals with no intention of looking to tank the cryptocurrency marketplace.

My name is James Donaghue. I am an SEO freelance consultant and investor in blockchain technologies. I am a proud father, my hobbies include football (soccer), tennis, swimming, and cycling, and I also love travelling. Another hobby of mine is staying up to date with the financial markets - I used to work within the financial sector as an IT engineer setting up Reuters and Bloomberg market data feeds. During that time I learned a lot about the financial industry and came across the blockchain in its early conception. It wasn't until around 2015 I really started to take a keen interest in its development. Since then I have been studying the progress of the blockchain and investing in cryptocurrencies. I now contribute news, data, and reviews about ICOs, blockchain solutions, and cryptocurrencies regularly. I truly believe that disruptive blockchain tech will be an integral part of all of our futures. As such, I plan to continue following trends, breaking news, and the future development of blockchain solutions across all industries.


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