How Much Bitcoin Does the Average Whale Hold?
Date: 2024-09-04 Author: Henry Casey Categories: CRYPTO PAYMENTS
The number of whale transactions worth more than $100,000 has fallen by 48% since March 2024, and the price of Bitcoin has fallen by 20% over the same period.
How has the behavior of the richest Bitcoin investors affected the price, and how much BTC does the average whale hold?
Bitcoin addresses with balances of more than 1,000 BTC hold 40% of the total supply
Data from analytics platform Santiment shows that the number of BTC whale transactions has dropped to 60.2 thousand in the last week of August, down from a peak of 115.1 thousand between March 13 and March 19.
Despite the decline in whale activity over the past six months, long-term accumulation in whale addresses remains relatively high.
Meanwhile, data from Intotheblock shows that Bitcoin addresses holding between 1,000 and 10,000 BTC account for the largest share of the total Bitcoin supply at 24.17%.
As shown in the chart below, addresses holding between 10 and 100 BTC and between 100 and 1,000 BTC also account for a significant share of the supply at 22.08% and 20.32%, respectively.
Up until March 2019, addresses holding between 10 and 100 BTC accounted for the largest share of the BTC supply, after which the number of whales increased (minimum 1,000 BTC).
The amount of supply held by whales (1,000 BTC-10,000 BTC) peaked in January 2021 at 30%. Since then, the share has dropped to 24.17%, with a redistribution between the other two groups.
While the share of supply held by the aforementioned cohorts is around 60%, the average supply per whale is less than 1,000 BTC. According to Glassnode data, the average supply per whale is currently around 550 BTC.
It is important to note, however, that addresses with more than 100 BTC are also considered whales in the chart.
The "Supply per Whale" metric was created specifically for this purpose by Charles Edwards to measure the accumulation and distribution of large Bitcoin holders.
It is defined as the total amount of supply held by addresses with balances between 100 and 10,000 BTC, divided by the number of addresses.
Thus, this figure will increase when whales accumulate and decrease when assets are distributed.
However, if we consider only addresses with more than 1,000-10,000 BTC as whales, the average volume per address is about 2,401 BTC.
Whale accumulation heat map indicates Bitcoin support at $52,000
The Bitcoin whale accumulation heat map shows that the level around $52,000 is supported by a significant group of buyers. The data shows a high concentration of buyers in the range of $51,500 to $52,300 in February 2024.
Interestingly, after whale accumulation in this range, the Bitcoin price rose by 42% in Q1 2024.
This same range can also serve as a demand and support zone for Bitcoin if another price correction to this level occurs.
Bitcoin has gained 2% in the last 24 hours but is currently facing resistance from the 200-day EMA (orange indicator).
How has the behavior of the richest Bitcoin investors affected the price, and how much BTC does the average whale hold?
Bitcoin addresses with balances of more than 1,000 BTC hold 40% of the total supply
Data from analytics platform Santiment shows that the number of BTC whale transactions has dropped to 60.2 thousand in the last week of August, down from a peak of 115.1 thousand between March 13 and March 19.
Despite the decline in whale activity over the past six months, long-term accumulation in whale addresses remains relatively high.
Meanwhile, data from Intotheblock shows that Bitcoin addresses holding between 1,000 and 10,000 BTC account for the largest share of the total Bitcoin supply at 24.17%.
As shown in the chart below, addresses holding between 10 and 100 BTC and between 100 and 1,000 BTC also account for a significant share of the supply at 22.08% and 20.32%, respectively.
Up until March 2019, addresses holding between 10 and 100 BTC accounted for the largest share of the BTC supply, after which the number of whales increased (minimum 1,000 BTC).
The amount of supply held by whales (1,000 BTC-10,000 BTC) peaked in January 2021 at 30%. Since then, the share has dropped to 24.17%, with a redistribution between the other two groups.
How much does a whale hold on average?
It is important to note, however, that addresses with more than 100 BTC are also considered whales in the chart.
The "Supply per Whale" metric was created specifically for this purpose by Charles Edwards to measure the accumulation and distribution of large Bitcoin holders.
It is defined as the total amount of supply held by addresses with balances between 100 and 10,000 BTC, divided by the number of addresses.
Thus, this figure will increase when whales accumulate and decrease when assets are distributed.
However, if we consider only addresses with more than 1,000-10,000 BTC as whales, the average volume per address is about 2,401 BTC.
Whale accumulation heat map indicates Bitcoin support at $52,000
The Bitcoin whale accumulation heat map shows that the level around $52,000 is supported by a significant group of buyers. The data shows a high concentration of buyers in the range of $51,500 to $52,300 in February 2024.
Interestingly, after whale accumulation in this range, the Bitcoin price rose by 42% in Q1 2024.
This same range can also serve as a demand and support zone for Bitcoin if another price correction to this level occurs.
Bitcoin has gained 2% in the last 24 hours but is currently facing resistance from the 200-day EMA (orange indicator).
