17 December 2020
Bitcoin whales: is it possible to get such ‘title’?
Bitcoin whales: is it possible to get such ‘title’?

Is it possible to become a crypto whale? How those ‘creatures’ manipulate the crypto market, and why their amount rise is a signal of a new bullish trend?

Bitcoin whales: powerful creatures of the crypto sea
What are the main factors to drive the crypto market? Most experts will allegedly name the interdependence between demand and supply, influential news, legislative changes, etc. Meanwhile, the market can be impacted by major investors called ‘whales’.
Who rules the crypto world?
The Bitcoin market undergoes the ups and downs, but the first cryptocurrency moves constantly forward, pretending to the global adoption. More people understand the investing perspectives of BTC; hence, the number of Bitcoin addresses is on the rise. Furthermore, investors prefer to hold their Bitcoins, believing that the crypto is still underestimated. The number of BTC wallets dormant for at least 1 year has reached 54.5% in August 2020.
Such a tendency leads to the growth of the crypto whales’ population. The first cryptocurrency catches the attention of major players. Furthermore, the year of 2020 shows that BTC investments are more profitable than gold and stocks.
Crypto zoo: from hamsters to whales
Many people have heard about hamsters and Bitcoin whales, but the crypto zoo comprises a lot of inhabitants of the crypto world:
• Hamster. The majority of crypto traders are considered hamsters. They are afraid of market volatility, but have been still making deals and getting experience. Major players take advantage of hamsters, influencing the prices of certain crypto assets.
• Chicken. Newcomer crypto traders are frequently called chickens. They are afraid of making deals and prefer to know as much as possible. Through the months or years, chickens pretend to achieve success.
• Ostrich. Ostriches trade according to their own strategies, hiding their head in the sand – i.e., neglecting news and experts’ opinions. Sometimes, deals are successful, but these cases are more exceptions than rules.
• Pig. Such traders are dreaming about enormous profits. When the perfect time to sell assets comes, pigs continue hodling, ignoring analytical instruments, opinions, and predictions.
• Sheep. These traders are examples of how not to act. Sheep are afraid of deals, always hesitate, and finally leave the market being full of frustration.
• Hare. Hares prefer scalping trading. They are rapid and don’t afraid of high risks. In case of necessary background, such traders are mostly in the black.
• Wolf. Crypto wolves make deals after profound analysis and proper investigation of assets. Their hunting is ended by significant profits.
• Whale. Bitcoin big whales are the crypto zoo inhabitants who dominate the market, and their movements may influence the general situation.
Who are Bitcoin whales? How can an investor get such a ‘title’?
Such a title is accepted by an investor owning at least 1000 BTC. Meanwhile, cryptocurrencies are anonymous, and this feature is distinguished among the key advantages. A person may see Bitcoin addresses only, having no access to their owners. Thus, the Bitcoin whales need to get 1000 BTC within one address.
The number of BTC reached its peak in July 2016, when more than 2000 addresses had collected at least 1000 Bitcoins. Since then, the population has been tumbling gradually. In August 2020, the BTC whales’ population exceeded 1850, which is an all-time high since September 2017. Major investors believe in Bitcoin perspectives again.
The Bitcoin whale definition doesn’t include crypto exchanges that hold large amounts of crypto assets. Whales are individuals who are able to influence the market situation by just one step.
According to Liesl Eichholz, Bitcoin whales are not becoming richer. The total population increases, but all BTC whales hold now 5.2 million Bitcoins, which is 22% less than 5 years ago. When we zoom out to the Bitcoin circulating supply, we notice that cryptocurrency big whales hold 28.2% of all accessible BTCs. The largest dominance of Bitcoin whales has been stated from 2011 to 2014, when major investors owned more than 50% of all available Bitcoins.
Such stats show the BTC whales lose their impact power step-by-step. They are still wielding the influence mechanisms, but it becomes harder to move BTC price with the help of large deals.
Top-3 Bitcoin whales
Cryptocurrencies are decentralized and anonymous; hence, a person cannot find out how many Bitcoins different people hodl. There are no Forbes whale crypto rankings or something like this. The experts evaluate BTC capitals allegedly. Among the top-3 Bitcoin whales, the following persons are frequently mentioned:
1. The Winklevoss brothers. Tyler and Cameron invested $11 million in BTC in 2013. They are allegedly owners of 92000 Bitcoins.
2. Barry Silbert. He is among the first major BTC investors. Barry has purchased 48000 Bitcoins.
3. Tim Draper. One of the most prominent Bitcoin optimists earned about 40000 BTC from mining.
Those hodlers are named ALLEGEDLY, as no one is able to name persons who invest in Bitcoins. Meanwhile, there is a ranking of the richest Bitcoin addresses, while their owners are unknown:
• 16ftSEQ4ctQFDtVZiUBusQUjRrGhM3JYwe – 168 791 BTC ($1.74 billion);
• 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r – 144 467 BTC ($1.49 billion);
• 16rCmCmbuWDhPjWTrpQGaU3EPdZF7MTdUk – 107 203 BTC ($1.1 billion).
The top-500 richest Bitcoin Addresses ranking shows that 3 addresses contain more than 100 000 Bitcoins, 101 addresses contain 10 000 – 100 000 BTCs, while other addresses store less.
How Bitcoin whales influence the crypto market?
Both traders and hodlers are interested in how whales manipulate the crypto market? The major hodlers behave the same way as real whales. Every significant movement (purchase or sell deals) starts a wave – the price of a crypto asset is moving forward or backward.
There are several tactics on how do crypto whales make money, but the ‘washing strategy’ is regarded as the most widespread. A crypto wale sells a large amount of assets lower than the market price to commence a panic. When the price drops, a major investor purchases the assets back by the most profitable prices.
Suppose an investor is interested in how to become a crypto whale. In that case, the answer is evident: collect 1000 BTC within one address, but sometimes whales wish not to catch too much attention, diversifying their crypto funds to several addresses.
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