Retail traders all over the world are terrified as Bitcoin (BTC) experiences a turbulent period. The biggest Bitcoin whales are shrewdly increasing their positions despite the panic, and their holdings have established a new network record.
Giga-Whales are displaying their strength.
The biggest Bitcoin whales are aggressively increasing their holdings, and they have reached an all-time high. A blockchain analytics company called IntoTheBlock recently provided statistics showing that giga-whales with more than 100,000 BTC have boosted their holdings by 16% over the past 30 days.
The story stated that the giga-whales were demonstrating their might by holding “over 776K BTC is held by a grand total of 5 addresses.” Whales have been purchasing Bitcoin since the beginning of the year, and a Santiment research highlighted that over the past 20 weeks, whales have increased their asset holdings by 12.8%.
The Santiment research stated that “the mega whale addresses of Bitcoin, which are partially exchange addresses, own their greatest supply of BTC in a year.” The greatest whales are continuing to use the technique of buying the drop, according to the most recent data from IntoTheBlock.
BTC’s market value dropped below $1 trillion in the past 30 days due to the frigid crypto winter, reaching a low of $17,708 during that time. As panicked retail traders sold their Bitcoin, sentiments swiftly shifted from upbeat to negative, but the whales took advantage of the declining price to buy even more.
“You came to crypto because you didn’t have a seat at the fiat table,” said one Twitter user in response to the data.” Now you sell your coins so you don’t have a seat at this table either. Genius!”
Whales have a significant impact on the cryptocurrency ecosystem since even news of whales selling their holdings can send values tumbling. On the other hand, rumours of Bitcoin whales hoarding might enhance demand and drive up asset values.
The largest Bitcoin whale, according to BitInfoCharts statistics, is a Binance cold wallet, which has 252,597 BTC. Bitfinex is closely behind with 168,010 BTC. After making its most recent acquisition of BTC valued $191 million, Michael Saylor’s MicroStrategy now holds over 129,000 of them.
Other leading holders of Bitcoin include publicly listed companies like Tesla, Galaxy Digital Holdings, and Square Inc. The Winklevoss twins, Micree Zhan, Chris Larsen, and Changpeng Zhao are rumored to be among the largest Bitcoin holders.