Bitcoin whales are not backing down from the market and have continued to capitalize on the pump by buying every dip. The most recent dip toward $60,000 saw these large investors gobble up BTC at an alarming rate, with their daily spending coming in at billions of dollars.
Bitcoin Whales Buy $6.3 Billion Worth Of BTC
In a stunning discovery, co-founder of Bitcoin-based company Apollo, Thomas Fahrer, revealed that Bitcoin whales have been rapidly buying up the tokens amid price drawdown. More specifically, the daily spend of these whales caught Fahrer’s eye.
The report shared by the founder shows that while smaller investors had been selling, Bitcoin whales were buying up billions of dollars worth of coins. In the 24-hour period, these whales holding more than 1,000 BTC on their balances accumulated 8,953 BTC, worth $6.3 billion at the time. This further adds to their weekly accumulation numbers, coming out at 12,058 BTC, which is almost $9 billion worth of BTC bought in one week.
— Thomas | heyapollo.com (@thomas_fahrer) May 22, 2024
This accumulation trend comes in light of smaller investors selling their tokens. For example, Fahrer’s screenshot show Sharks, which are investors holding between 100-1,000 BTC on their balances sold 6,746 BTC in one day, worth around $5 billion.
Other notable sellers include the crabs, which are investors holding 1-10 BTC, selling 1,074 BTC in the same time period. Shrimps – investors holding 0-1 BTC, were also caught selling, with a total of 591 BTC sold. While Fish investors, those holding 10-100 BTC, sold only 95 BTC in the one day period.
The flow of these investors shows that BTC is flowing out from smaller investors toward larger investors, something that is bullish for the price. The same is the case on the weekly timeframe where Shrimps sold 2,079 BTC, Crabs sold 5,748 BTC, Fish sold 1,155 BTC, while Sharks bought up 60 BTC, with Bitcoin whales buying the majority with 12,085 BTC.
A number of crypto analysts have called for buying and it seems Bitcoin whales are the ones following this advice. One of the analysts who has been vocal about it being the time to buy is Ali Martinez, who shared an interesting formation on the Bitcoin chart.
Martinez pointed out that the TD Sequential, which had previously predicted the Bitcoin price movement, had flashed a buy signal. The level at which this analyst presented this buy signal was around the $69,500 level, and since then, the BTC price has since rebounded above $70,000, suggesting the buy signal was correct.
The TD Sequential has accurately predicted #Bitcoin price action on the one-hour chart. Now, it presents a buy signal, anticipating $BTC will rebound! pic.twitter.com/6ImRkREPVW
If the TD Sequential holds like it did the last time it appeared, then the current price push could see Bitcoin reach a new all-time high above $74,000, since the last one saw an almost 15% move. But for now, Bitcoin bulls are fighting to maintain its position above $70,000, with a 12.22% increase in the last week.
Featured image created with Dall.E, chart from Tradingview.com
Addresses holding 10-100 BTC held the largest share of the BTC supply until March 2019, after which Bitcoin whales (minimum 1,000 BTC) increased in population. The supply held by the whales (1,000 BTC-10,000 BTC) peaked in January 2021, with the total share reaching 30%.
If one person were to buy up all the Bitcoins, new BTC would still be created in each block as part of the protocol. However, if all existing Bitcoins were owned by one entity, the dynamics of supply and demand would significantly impact the value of each BTC.
The New Liberty Standard Exchange recorded the first exchange of Bitcoin for dollars in late 2009. Users on the BitcoinTalk forum traded 5,050 bitcoins for $5.02 via PayPal, making the first price mediated through an exchange a bargain basem*nt price of $0.00099 per bitcoin.
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
BitInfoCharts data shows that around 1.86% of wallet addresses — over one million — hold more than 90% of all total BTC currently in circulation. Known as whales, some of these individuals or entities hold large amounts of crypto.
The decision whether to cash out crypto or Bitcoin depends on your financial goals and market conditions. You may want to lock in gains, cut or harvest losses for taxes, or simply use your digital assets in the real world.
A 51% attack is an attack on a cryptocurrency blockchain by an entity or group that controls more than 50% of the network. If a party were to gain this much control of a network, it would have the power to alter the blockchain.
In reality, only 2.3% of all Bitcoin owners own 1 BTC or more (worth around $35K per Bitcoin as of November 6th, 2023). In addition to Bitcoin ownership primarily spread across multiple small holders, most of Bitcoin's largest holders represent “the many” rather than a few.
Reaching $1,000,000 this decade seems unlikely for Bitcoin. To understand why Bitcoin hitting $1 million remains improbable, we must explore the necessary conditions beyond just market cap and charts. Bitcoin to $1 million is impossible in the coming years, say before 2030.
Cryptos that could boom in 2024 include Render Token (a rendering network) and Solana. Bitcoin and Ethereum could also be poised for strong performances in 2024, thanks to the SEC's approval of Bitcoin ETFs and Ethereum ETFs.
The leading cryptocurrency by market value fell over 8% to under $62,000, data from charting platform TradingView show. That's the biggest single-day percentage (UTC) decline since Nov. 9, 2022. That day, prices tanked over 14% as Sam Bankman Fried's FTX exchange, formerly the third largest, went bankrupt.
Simple math shows that the average bitcoin holding per person is about 262,500 satoshis. At $69,000 per bitcoin, that works out to an investment of about $180 to reach the global average bitcoin allocation.
There are 88,200 crypto millionaires worldwide. 40,500 of these millionaires have amassed their fortune in Bitcoin (BTC). The number of global crypto owners reached 580 million by the end of 2023, according to Crypto.com.
For the third year running, Changpeng Zhao, founder and former CEO of crypto exchange Binance, is crypto's wealthiest person. Despite pleading guilty to U.S. money laundering charges in November, CZ, as he's known, is now worth an estimated $33 billion, up from $10.5 billion last year.
The exact threshold for what constitutes a whale is not precise, but it's generally agreed that ownership of a large amount of a cryptocurrency's circulating supply qualifies one as a whale. For instance, an entity that holds at least 1,000 BTC is often considered a Bitcoin whale.
In 2012, the twins invested $10 million in Bitcoin when the cryptocurrency price was about $8 per token. According to Forbes, the twins own an estimated 70,000 Bitcoins today. In 2024, the Winklevoss twins invested $4.5 million worth of Bitcoin in Real Bedford FC, an English football club.
According to on-chain data, Shiba Inu (SHIB) is topping the list of altcoins with the largest investors present in the market. Data shows that the meme coin whales are holding a substantial 61% of the circulating supply.
Introduction: My name is Stevie Stamm, I am a colorful, sparkling, splendid, vast, open, hilarious, tender person who loves writing and wants to share my knowledge and understanding with you.
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