The Rise of Bitcoin Whales

Last week, Bitcoin took a little joyride, and guess who decided to jump into the driver’s seat? That’s right, the whales! As of October 20, the number of Bitcoin addresses holding at least 1,000 BTC soared to a whopping 2,178. Just five days later, that figure climbed to 2,231. If you’re wondering what 1,000 BTC is worth, brace yourself: it hovers around $13 million at current rates. Talk about a major cash cow!

Whales and Their Major Share

So what does this mean for the crypto world? Well, these whales control at least 2.23 million Bitcoins. In terms of percentage, we’re looking at 12% of the existing Bitcoin supply swimming in the deep waters of whale wallets. But wait, there’s more! According to BitcoinCharts, these addresses actually command an eye-popping 7,902,469 BTC, which equates to a staggering 42% of the total supply. That’s some serious dolphin-sized territory!

Individual Identity Crisis

Here’s a head-scratcher: while we can count the number of whale addresses swimming around, it’s tough to know just how many individuals or entities hold the reins on them. Multiple addresses could belong to a single entity, or a multi-signature wallet could have several entities sharing the same address. It’s like a group project in college where no one knows who actually did the work!

Satoshi’s Hidden Treasure

Now let’s talk about the elephant in the room (or should I say the whale). Research suggests that a significant hoard, approximately 1.1 million BTC, is still controlled by none other than Bitcoin’s creator, Satoshi Nakamoto. The wild card here? The vast majority of Satoshi’s stash has stayed untouched, resting quietly like that bag of chips you promised to finish but never did.

The HODL Effect

Not just the whales, but it seems like Bitcoin holders in general are becoming a bit of a recluse. An impressive 62% of the Bitcoin supply has remained dormant for over a year, while nearly one-third hasn’t changed wallets for three years or more. So, while Bitcoin experienced its highest weekly close since 2018 last week, these whales and hodlers don’t seem to be in a hurry to cash in their chips. After all, good things come to those who wait—or so they say!