What are Bitcoin Whales and do they really control the Market?
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They are widely talked about in the cryptocurrency space: Bitcoin whales. But what exactly are Bitcoin whales and do they really control the market?
Way before the literary clash between Moby Dick and Captain Ahab took place, whales were already a sort of myth. The enormous and mysterious sea mammals are now an everyplace cryptocurrency metaphor, fueling FUD and FOMO alike whenever spotters scream: there she blows!
What is a Bitcoin whale?
The term “Bitcoin whale” is commonly used to refer to investors who treasure large amounts of BTC. A taxonomy offered by chainalysis classifies them in 4 basic types, by descending wealth: traders, miners and early adopters, lost whales, and criminals (only 3 wallets out of 32 were identified as such).
However, much of a conspiracy hype has been built around Bitcoin whales, sometimes fueled by traditional news outlets. The possibility of publicly witnessing transactions on most blockchains also tends to trigger speculations on social media, quite often after one of the many whale-watching Twitter accounts reports a large transaction. Reddit has also taken upon serious detective work on several occasions to unearth the motives behind such moves.
Do Bitcoin whales really control the market?
There has been much of a controversy on this point. When taking a look at the distribution of Bitcoin funds in wallets, it would seem as if a large percentage of the total number of bitcoins is kept by few hands.
Bloomberg once tried to infer a situation of large market concentrations from the distribution of bitcoins in wallets. On a notably tendentious article titled “The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market”, the author engages in the following FUD-boosting argumentation line “While they (ordinary investors) can track addresses with large holdings online and start heated discussions of market moves on Reddit forums, they’re ultimately in the dark on the whales’ plans and motives”.
The writer keeps on arguing in the same direction: “the top 100 bitcoin addresses control 17.3% of all the issued currency […] with ether, a rival to Bitcoin, the top 100 addresses control 40% of the supply”.
Join- https://t.me/btctradingclub
Join- https://t.me/bestbitmexsignal
They are widely talked about in the cryptocurrency space: Bitcoin whales. But what exactly are Bitcoin whales and do they really control the market?
Way before the literary clash between Moby Dick and Captain Ahab took place, whales were already a sort of myth. The enormous and mysterious sea mammals are now an everyplace cryptocurrency metaphor, fueling FUD and FOMO alike whenever spotters scream: there she blows!
What is a Bitcoin whale?
The term “Bitcoin whale” is commonly used to refer to investors who treasure large amounts of BTC. A taxonomy offered by chainalysis classifies them in 4 basic types, by descending wealth: traders, miners and early adopters, lost whales, and criminals (only 3 wallets out of 32 were identified as such).
However, much of a conspiracy hype has been built around Bitcoin whales, sometimes fueled by traditional news outlets. The possibility of publicly witnessing transactions on most blockchains also tends to trigger speculations on social media, quite often after one of the many whale-watching Twitter accounts reports a large transaction. Reddit has also taken upon serious detective work on several occasions to unearth the motives behind such moves.
Do Bitcoin whales really control the market?
There has been much of a controversy on this point. When taking a look at the distribution of Bitcoin funds in wallets, it would seem as if a large percentage of the total number of bitcoins is kept by few hands.
Bloomberg once tried to infer a situation of large market concentrations from the distribution of bitcoins in wallets. On a notably tendentious article titled “The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market”, the author engages in the following FUD-boosting argumentation line “While they (ordinary investors) can track addresses with large holdings online and start heated discussions of market moves on Reddit forums, they’re ultimately in the dark on the whales’ plans and motives”.
The writer keeps on arguing in the same direction: “the top 100 bitcoin addresses control 17.3% of all the issued currency […] with ether, a rival to Bitcoin, the top 100 addresses control 40% of the supply”.
