Bitcoin : les baleines sont-elles toujours de la partie ?

Bitcoin : les baleines sont-elles toujours de la partie ?

news hardware Bitcoin: are the whales still in the game?

There is a food chain in crypto: the queens of the industry are the whales. With a large number of cryptocurrencies, these “whales” play a key role in the field of cryptocurrencies. Often unseen, what are the whales doing a few months after Bitcoin’s crash?

Summary

  • What is a whale in crypto?
  • Whales in a few figures
  • The importance of whales for Bitcoin and other cryptocurrencies
  • whales during bear market
  • The whales share the reef

What is a whale in crypto?

Whales are part of cryptocurrency legend. Concretely, a whale is defined by a wallet that contains a cryptocurrency in a huge proportion. For example, the Tesla company and its thousands of Bitcoins are still a whale, even after the recent sale.

It usually takes several hundred, even thousands, of Bitcoins or other currencies to enter the closed circle of whales. Everything depends above all on the value of the cryptocurrency and its “stock” (amount in circulation). While it is very easy to get 1,000,000 in Shib, it will be significantly more difficult, if not impossible, to get the same amount in Bitcoin or Ethereum.

The bitcoin threshold needed to side with the whales varies constantly depending on the price of the cryptocurrency. With the considerable increase in its price, Bitcoin is therefore less available in abundance. While in 2010 it took €6 to hold around 100 bitcoins, today it takes €2,000,000.

For this reason, there are few wallets considered Whales in any cryptocurrency and even more so in the most popular cryptocurrencies such as Bitcoin or Ethereum.

Whales in a few figures

Only whales have huge amounts of cryptocurrencies. In the case of Bitcoin, around 85 wallets are known to hold 15% of the total amount of BTC in circulation. Taking a broader range, almost 2,200 wallets hold 8 million BTC, or 42% of the amount of BTC in circulation. At current prices, these 2,200 addresses have 185,000,000 billion euros in assets.

If this is a cause for concern, it is important to note that Bitcoin or even Ethereum are among the least risky assets in this regard. In fact, Elon Musk’s favorite cryptocurrency, DOGE, is subject to a considerable monopoly… 15 wallets hold about 50% of the tokens. If these whales started selling their entire wallets simultaneously, it would mark the end of DOGE.

Doge – CoinCarp Breakdown

The importance of whales for Bitcoin and other cryptocurrencies

By holding so many cryptocurrencies in one wallet, these whales play a key role in the cryptocurrency industry. When a whale completes a buy or sell transaction, it immediately affects the price of the asset. Cryptocurrencies are conditioned by the law of supply and demand, so when a large quantity is sold, the price drops and vice versa when it comes to a purchase. Bitcoin investors have repeatedly paid the price.

Having a significant impact on the rise or fall of prices, the movements of whales are often observed. Most investors see them as signals to buy or sell the cryptocurrencies contained in their portfolios. Some Twitter accounts even go so far as to broadcast every transaction.

Therefore, although Bitcoin allows the anonymity of its owners, it is known that some addresses have begun to move since the beginning of the fall.

whales during bear market

Some whales notably participated in the drop in the value of BTC in June 2022. The price of Bitcoin fell from €28,000 to €18,000 in a few days. These sharp drops may suggest that one or more whales have sent sell orders on your Bitcoin.

As Bitcoin stalled around €20,000, the whales appear to be giving away their BTC. And that’s not new… Since 2020, the trend shows that the offer contained in these famous addresses is in decline. According to Glassnode, whales that have more than 1,000 BTC are losing some of it over time, unlike people who seem to be accumulating. In fact, addresses with 0.001 BTC and 1 BTC have tended to buy crypto in the last couple of years.

The whales share the reef

The more we advance in the development of these virtual currencies, the less power the whales have. For some time now, the whales have had to share the area with other crustaceans and other mammals.

bitcoin hierarchy

In the absence of control and regulation, the crypto market must deal with the rules of the whales. Despite sharing the coastline with others, the whales continue to navigate, as evidenced by the recent decline. Only it would seem that the “fish” do not follow the trend of the whales…. If the trends remain the same, Bitcoin could see a fairer distribution of its coins. At the moment, it is the time for volatility and it is not to upset some people. Therefore, if any purchases of whales are made, the price of bitcoin could rise sharply again.

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