Despite tumultuous market behavior, large ETH and BTC investors have been steadily adding to their holdings.
Key Takeaways
Whales have been steadily accumulating BTC and ETH since the price crash in March 2020.
As the halving nears, the number of BTC whales holding over 1,000 BTC has grown.
ETH whales have shown similar behavior with smaller investors also buying Ether in the hopes of staking on ETH 2.0.
Share this article
Large Bitcoin and Ether whales are doubling down by adding more coins to their holdings, even as crashes rock global financial markets.
Accumulating Bitcoin for the Next Cycle
Addresses holding more than 1,000 BTC saw an increase through the year, briefly collapsing mid-March when the price of Bitcoin fell by over 40% in a day.
Source: Willy WooThe crash on Mar. 13 was preceded by a massive uptick in users depositing BTC on exchanges. This is usually a bearish sign, as it indicates investors are preparing to sell their BTC en masse.
Over 800,000 BTC was deposited to exchanges on March 12, via Santiment.Bitcoin whales have stuck to their guns with unrelenting accumulation after the initial fear disappeared. The halving, scheduled for less than a week, is the biggest catalyst for Bitcoin.
Digging Deeper into Ethereum
Surprising to some, ETH saw similar whale dynamics, albeit accumulation has also been driven by smaller investors. In the first, large holders of Ether have made up nearly all losses since March.
The top 50 addresses held close to $4 billion of ETH in February, but this fell below $1.5 billion in the midst of the crash. Since then, however, ETH held by these addresses has doubled to $3 billion, representing about 13% of market cap.
ETH held by the top 50 addresses, via Santiment.Adam Cochran, a partner at MetaCartel Ventures, took a closer look at Ethereum activity.
Cochran’s study indicated that new addresses are routinely buying $100,000 – $250,000 of ETH from exchanges. These addresses represent 6% of the supply owned by the top 10,000 ETH addresses.
Another important insight revealed that the number of addresses holding 32 ETH or more has skyrocketed in 2020.
Presumably, this is in anticipation of ETH 2.0, where participants must stake a minimum of 32 ETH to run their own validator node.
Source: GlassNodeAll in all, BTC and ETH both have loyal communities that have continued to accumulate during uncertain macro conditions.
Whales should, nevertheless, stay wary as BTC and ETH could be in for further downside.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
I’m a highly experienced and successful crypto author with over 10 years of experience in the field. I have written for some of the most popular crypto publications, including Bitcoin Magazine, CoinDesk, and Crypto Insider. I have also been featured in major mainstream media outlets such as Forbes, Wall Street Journal, and Business Insider.
