Bitcoin whales own almost 8M Bitcoin and do not appear to be in a hurry to sell.
The number of Bitcoin (BTC) whales reached a new all-time high amid last week’s price ascension. On October 20, there were 2,178 Bitcoin addresses that held at least 1,000 BTC. By October 25, this number increased to 2,231. At current prices, 1,000 BTC translates to approximately $13 million.
Based on this data, we can surmise that the whales control at least 2.23 million Bitcoin — a significant figure equivalent to 12% of the current supply.
According to data from BitcoinCharts, these whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply. Although we know the number of whale addresses, we do not know how many individuals or entities control them. Multiple addresses could be controlled by a single entity, or likewise a single address could be controlled by multiple parties with a multi-signature wallet.
Researchers allege that approximately 1.1 billion BTC are/were controlled by Bitcoin’s create and original miner, Satoshi Nakamoto. The vast majority of the coins believed to belong to Nakamoto have never been moved.
We can also observe an increase in the “hodling” pattern — the percentage of Bitcoin supply that has not been moved in a while. 62% of the supply has not seen action in at least 1 year and almost one third has not changed addresses in 3 years or more.
Though Bitcoin saw its highest weekly close since 2018 during the past week, most whales and hodlers do not seem to be in a rush to part with their assets.