The number of large Bitcoin whales increased by 16% after the financial markets plummeted. The largest bitcoin holders are increasing their BTC balance.
Digital Currency Market is now controlled by the five major Bitcoin wallet addresses, so that these whales will be able to destroy the entire cryptocurrency market by selling their assets.
Read more: The future of digital currencies in 2022
Assets of the largest bitcoin holders
Bitcoin whales currently have more than 800,000 bitcoins ($ 16 billion) stored in their wallets. After reducing the number of wallets with 10,000 to 100,000 bitcoins, the number of large bitcoin holders increased.
These data show that those bitcoin holders who have already stored 770,000 BTC units are interested in buying more bitcoins at a lower price floor. These whales have no worries about short-term losses, as they will add to their assets as bitcoin prices fall.
Some users have expressed concern over the dominance of the top 5 bitcoin whales in the cryptocurrency market. They believe that if the whales were to sell their assets, no major exchange office in the world would be able to process the $ 16 billion selling pressure at the moment.
Who owns the largest bitcoin wallets?
Some of the largest bitcoin holders are likely to be centralized exchange warehouses that hold large amounts of bitcoin in their holdings. According to IntoTheBlock criteria, the top bitcoin wallets are not made for the purpose of frequent trading and exchange. These wallets probably belong to large corporations or investment entities such as MicroStrategy.
The cryptocurrency market fell by $ 7.2 billion last week, according to U.Today. This is a record of its kind. At the time of writing, Bitcoin is priced at $ 20,900.
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Source: u.today