The strategy of bitcoin whales didn’t change much during the recent crypto market collapse.
According to data from the Crypto Analytics Agency glassnodeBitcoin whales—who hold over 1,000 BTC—are not changing their ways at the time of the current crypto market capitulation and traditionally deposit large amounts in their wallets. These subjects act aggressively and buy an average of 140,000 BTC directly from exchanges every month. Such dynamics led to the concentration of 45.6% of the total bitcoin supply in whale wallets, which is equivalent to 8.69 million BTC.
whales (>1k $BTC) usually go through accumulation/distribution cycles, often aligned with #bitcoin Market structure.
These entities 140k. aggressively increasing its balance by acquiring $BTC/month directly from exchanges
The whale is now 8.69M . are the owners of $BTC (45.6% supply)
3/4 pic.twitter.com/zPaehTYqgO
— glassnode (@glassnode) June 29, 2022
The accumulation of bitcoins by whales began in April and continued until the end of June, when the price per BTC reached a threshold of $20,000. 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 landmark mark, which, given the trend and aggressive strategy of the major market players, may soon be overcome.
life in crypto ocean
It is unclear whether at least 50% of the BTC supply will accumulate before the capitulation is complete and new momentum begins, but one could say that bitcoin whales now have a greater influence on the process, and this is hardly a good sign. may be considered .
Meanwhile, according to the same Glassnode tweet, whales are not alone in aggressively buying bitcoin. Thus, minority holders with wallets of less than 1 BTC, who are amusingly referred to as shrimps, are also accumulating at a rapid rate. Not seen since March 2020, Going by the stats, Shrimp buys an average of 36,750 BTC per month and currently controls 1.12 million BTC, which is 5.87% of the total supply.
small #bitcoin with holders < 1 $BTC Adding to its balance at the most aggressive rate since March 2020.
Shrimp are adding at 36.75k BTC/month which is 0.2% of the circulating supply, and 1.36x monthly issuance.
Shrimp is now 1.12M . holds $BTC Altogether.
2/4 pic.twitter.com/Z1jQuQWacr
— glassnode (@glassnode) June 29, 2022
Obviously, however, not all shrimp are involved in this process, because in cryptocurrency markets, such as in the ocean, whales eat shrimp, and if all shrimp buy bitcoin, there will be nothing left for the whales to eat.