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Bitcoin: supply in the hands of whales increases


en.cryptonomist.ch 04 August 2021 13:29, UTC
Reading time: ~2 m

The process of redistribution of the bitcoin supply between the various tiers of holdings continues. 

In particular, as Santiment points out, the accumulation of whales is continuing, while the level of exchange wallets remains low. 

Indeed, as of the end of June, both addresses holding 0.1 to 10 BTC and those holding 10 to 1,000 BTC are on the rise. 

By contrast, the number of addresses holding more than 1,000 BTC remains largely stable. 

In particular, there are now about 2,100 addresses holding more than 1,000 BTC, whereas at the beginning of the year there were many more. 

Many of these addresses are those of exchanges, or businesses that manage them on behalf of their customers, and the fact that their number has been decreasing over the year makes it clear that many users are probably withdrawing their bitcoin and moving them to their own wallets. 

The redistribution process of the bitcoin supply

Ignoring the more than 35 million addresses holding less than 0.1 BTC, which have not been growing since mid-May, the most interesting dynamic remains the increase in addresses holding more than 0.1 but less than 1,000, i.e. both average users and whales. Remember that 1,000 BTC today are worth about 38 million dollars. 

The number of addresses of average users, i.e. those on which there are between 0.1 BTC ($3,800) and 10 BTC ($380,000), is about 3 million. This is higher than both the number at the end of June and the beginning of the year, but lower than in mid-April, when the price of bitcoin hit an all-time high. 

By contrast, the number of whale addresses, i.e. those on which there are between 10 BTC ($380.00) and 1,000 BTC ($38,000,000), is around 145,000, and is higher than it was at the end of June. However, it is still lower than at the beginning of the year, although it is growing, and more or less in line with that of mid-April. 

These are therefore two different trends, the only thing they have in common being the increase from the end of June, when the accumulation phase presumably began

The dynamics of the number of addresses with more than 1,000 BTC are completely different. 

A process of redistribution of the bitcoin supply is therefore taking place.


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