Bitcoin whales have nearly 8 million BTC and don’t seem to be interested in giving up their holdings.
The number of Bitcoin whales (BTC) reached a new all-time high in the midst of last week’s price hike. On October 20th, there were 2,178 Crypto Engine addresses containing at least 1,000 BTCs. By October 25th, this number increased to 2,231. At current prices, 1,000 BTCs translates to approximately USD 13 million.
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Based on this data, we can assume that whales control at least 2.23 million Bitcoin, a significant figure equivalent to 12% of the supply in circulation today.
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According to BitcoinCharts data, these whale addresses actually control a much larger amount of 7,902,469 BTC, or 42% of the total coin supply. Although we know the number of whale addresses, we don’t know exactly how many individuals or entities control them. Multiple addresses could be controlled by a single entity, or in the same way one address could be controlled by multiple parties with a multi-signature wallet.
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The researchers claim that approximately 1.1 billion BTC are/were controlled by the original miner and creator of Bitcoin, Satoshi Nakamoto. The vast majority of the coins that supposedly belong to Nakamoto have never been moved.
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We can also observe an increase in the hodling pattern, in the percentage of Bitcoin supply that hasn’t moved in a certain time. 62% of the supply has not seen action for at least 1 year and almost a third of this percentage has not changed direction in 3 years or more.
Although Bitcoin saw its biggest weekly close since 2018 during the past week, most whales and HODLers don’t seem to be in much of a hurry to shed their assets.