25 June 2022
The number of “gig-whales” on the Bitcoin network has remained constant for a long time. However, after the recent sell-off in the crypto market, there was an increase in the number of large Bitcoin holders by 16%.
These whales are holding almost 800,000 BTC worth approximately $16 billion. The increase in the number of "giga-whales" is followed by a decreasing number of addresses that hold from 10,000 to 100,000 BTC.
This tendency tells that Bitcoin holders who have 770,000 BTC at this point are comfortable buying digital gold at the bottom or in a strong downtrend without worrying about temporary losses that they can average down by acquiring an even larger portion of BTC on its way down.
Some users are worried about the fact that only five whales are holding such a massive amount of BTC, and they can ruin the whole market if they poured on it unexpectedly, as no exchange or market maker can cover $16 billion worth of selling pressure at the moment.
It is to be noted that some of these addresses could be centralized exchange vaults that hold massive amounts of BTC in their reserves.If these addresses are not exchange-related, then they are most likely owned by large companies or institutional investors like MicroStrategy.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.