Whales, those with between 1,000 and 10,000 BTC, carry substantial market power. Such whales at the moment own 24. At least 17% of the total Bitcoins, though it was higher at the beginning of 2021, 30%. Nonetheless, long-term accumulation by these large holders has not reduced dramatically even with the decline in activity of whales.
The Bitcoin large whale transactions with transactions of $100,000 or more noted a significant decline from a peak of 115 between March and August 2024. 1K transactions in mid-March to 60. by the end of August it will be 2K. Meanwhile, Bitcoin went down by 20% in the same period. This indicates that the decreased movement and circulation of BTC by large investors, which are referred to as whales might have influenced the decline in the prices of bitcoins.
The majority of addresses with between 1,000 and 10,000 BTC own about 550 BTC on average, as shown by Glassnode data. Still, if we zoom in only on addresses with more than 1000 BTC, the average supply per whale increases slightly to roughly 2401 BTC.
Whale accumulation patterns also give information about the possible support levels for the Bitcoin price. A heatmap of whale activity suggests that there is an increased level of buying in the $51. undefined 3K range in February 2024. After this build-up, the price of Bitcoin increased by 42%, which also suggests that this range may be useful in the event of another market slump.
To sum up, although the whales have become less active recently, they determine the Bitcoin market with their large positions and buy-and-accumulate strategies. The average whale is currently holding approximately 2401 BTC; however, their transactions have slowed down considerably, which has affected the price.
