Cryptocurrency whales mention wallet addresses that hold more than 1,000 BTC or substantially other crypto. The wallet owner(s) may be an individual or institutional investor. As a result of their large wallets, they can manipulate the market. In this article, we will take a closer look at whales, a major module of the crypto space. We’ll also take a look at what’s currently in the focus of whales.
What are cryptocurrency whales?
Koindeks.com As we have also reported, crypto whales are wallets that largely hold crypto. Because they hold crypto to such a large extent, they can influence the market. It takes a while for a random person to call you a crypto whale. In general, according to experts in the field, a crypto wallet should have around $10 million. It could be a random cryptocurrency. Everything counts as long as you reach $10 million. Actually, there is a classification table as follows:
- Prawns price less than 1 BTC.
- Crabs are in the middle of 1 to 10 BTC holdings.
- Octopus has assets in the middle of 10 to 50 BTC.
- The price of a fish being in the middle of 50 to 100 BTC.
- Dolphins, asset price in the middle of 100 to 500 BTC.
- Sharks have 500 to 1000 BTC.
- Whales, the biggest fish in the ocean, have a minimum of 1000 BTC.
- Humpback whales have more than 5,000 BTC.
So, as you can see, there is a whole hierarchy in the field. However, these are variable directives. Each cryptocurrency has its own criteria.
How do whales affect cryptocurrencies?
We actually know that whales are largely holding crypto. As a result, a random move in the middle of wallets can affect the market. It’s common to see price fluctuations when whales start to move funds. There are also “whale watchers”. They tend to follow the whale’s behavior mostly. For example, if a whale sells a large portion of its portfolio, the watcher might do the same. This will put pressure on the price. As a result, the price of this coin could drop further.
However, this can also work in the opposite direction at the same time. Elon Musk announced that Tesla will receive $1.5 billion worth of BTC in February 2022. This caused the BTC price to increase by 17 percent. They can also sell most of their assets. This results in a price drop. They can then get the coins back at a cheaper price. The photo below shows the recognized small size tokens that whales are currently purchasing.
What cryptocurrency do whales buy?
The two biggest cryptocurrencies that crypto whales buy are BTC and ETH. They also like to accumulate stablecoins such as USDC, USDT and DAI. Currently, MATIC is recognized in the middle of whales. But, roughly speaking, their standard portfolios take the following form:
The photo below gives a good idea of what the whales are holding. However, it should be noted that this situation may change over time.
Who are the biggest cryptocurrency whales?
It’s hard to know exactly who is the whale. Wallets are made up of nicknames. That is, there is no name attached to a wallet address. That’s why they sometimes get nicknames like BlueWhale0208. Also, Whale Stats is a monitoring service. This medicine uses a pseudonym. There are other whale watching accounts like Whale Alert. On the other hand, there are some well-known whales. Some are as follows:
- Satoshi Nakamato – Said to have over 1 million BTC.
- Michael Saylor – CEO of Microstrategy.
- Winklevoss twins – owners of Gemini exchange. According to the thesis, they hold more than 70,000 BTC.
- Sam Bankman-Fried – Owner of the FTX exchange. There are 2 billion funds in the Alameda Research scheme.
According to current information, 85 BTC wallets hold about 14 percent of the entire BTC supply. 2200 wallets hold 45 percent of all BTC. There is a wallet that holds about 28 percent of all DOGEs.