Bitcoin whales have spent the last two months acquiring thousands of coins

26 Feb, 2019 | Updated: 26 Feb, 2019
by Richard Allen
Bitcoin whales have spent the last two months acquiring thousands of coins

The prolonged depression of the crypto market, which saw major projects lose substantial value, crypto whales have been able to sweep in and accumulate large sums of digital assets.

According to the top 100 rich list for Bitcoin, whale wallets have increased their accumulated holdings with every drop the market has taken since December last year. The latest drop on February 14 was no different and saw whales rake in BTC and BCH as soon as the prices took a dip.

Read more: One fifth of all Bitcoin (BTC) nodes are run from Germany

Excluding the five largest Bitcoin wallets held by Bitfinex, Bitstamp, Huobi and Binance, a solid portion of large wallet holders remains unknown, providing insight into how much influence these whales have over these projects’ prices.

Read more: Who are known Bitcoin whales? 5 famous whales in the cryptocurrency space

As reports, the 100 richest addresses currently have between 10,000 and 1,000,000 Bitcoin which equates to 16.18% of all the BTC in circulation. Between December 17, 2018, and February 25, 2019, the five largest wallets belonging to the exchanges increased by 2,879 BTC, about $10.8 million. Comparatively, the remainder of the top 100 whales managed to accumulate 151,505 BTC ($572 million). what’s interesting is that the 14,749 wallets holding between 100 and 1,000 BTC have sold a lot of their coins to much larger holders.

Read more: If I'm not a Bitcoin whale, then what am I?

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