Number of largest bitcoin (BTC) whales reach all-time low, is that positive or negative?

The number of largest bitcoin (BTC) whales, owned by investors with as much as 10,000 BTC, has fallen to its lowest level ever. This was first noticed by Chinese journalist Colin Wu, based on data from research company Glassnode.

The number of bitcoin whales with 10,000+ BTC has fallen to 82. The last time the number was this low was on December 15, 2012, about four years after the launch of the Bitcoin network. Then it concerned 81 wallets with 10,000 BTC or more.

The price of bitcoin was then only around $13.5 so these 10,000 BTC were worth about $135,000 at the time. Today, 10,000 BTC is worth a staggering $620 million. Glassnode can’t tell exactly who these whales are, but the biggest ones are likely to be bitcoin companies, cryptocurrency exchanges and very early investors.

In contrast, the group holding 100 to 1,000 BTC has increased “significantly” over the past five weeks. Research agency Santiment reported this yesterday:

Santiment says the number of bitcoin wallet addresses has increased by 254, up 1.9% from five weeks ago. Even 100 BTC is worth $6.2 million today, more than enough to be labeled a “whale”.

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It should be noted that some whales have spread their bitcoin over multiple addresses and that some addresses are managed by multiple users. Nevertheless, this is seen as a good sign. The smaller the percentage that a small group owns of the total supply, the more decentralized the network should be.

It could also reduce the influence of whales on prices, a controversial topic in the industry. Scott Bauer of Prosper Training Academy recently raised this again. According to him, they even have full control, although that could change in the future.

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