According to statistics, Bitcoin whales (individuals who hold more than one thousand BTC) are not altering their behaviours during the current crypto market meltdown and continue to save significant cryptocurrency funds in their wallets. These people purchase an average of 140,000 BTC straight from exchanges per month. Such a situation leads to a concentration of 45.6% of the entire Bitcoin supply or 8.69 million BTC in the wallets of whales.
The collection of Bitcoin by whales started in April and grew until late June when the price per BTC hit the $20,000 area. The buying rate has surpassed the second half of 2020 and 2021 but still trailing the first half. The accumulation of 8.69 million BTC or 45.6% of the entire supply may be seen as a historical milestone that may soon be surpassed judging by the trend and aggressive tactics of significant market participants.
While it is impossible to know whether or not at least half of the BTC supply will be gathered before the capitulation is finished and the new momentum starts, it is safe to state that Bitcoin whales now have more significant influence over the process.
However, the Glassnode tweets suggest that whales aren’t the only ones actively purchasing Bitcoin. Thus, even small investors who retain less than 1 BTC in their wallets are collecting at a rate not seen since March 2020. According to the data, small buyers spend an average of $36,750 monthly and control $1.12 million in BTC or 5.87% of the entire supply.
However, not all small investors seem to be participating, which is good news for whales in the cryptocurrency market.