Bitcoin whales - who they are?

2 min reading

Bitcoin whales - the biggest traders on Bitcoin market have significant influence on price moves. Although we do not know their names and whales identity can be only speculated. The role they play in cryptocurrency ecosystem is huge and very influential.

btc whales

Bitcoin whales - who belongs to them?

There are several different opinions about criteria describing a person to the group of Bitcoin whales. It seems, that the most reasonable solution would be choosing 100 biggest cryptocurrency wallets (excluding those, which belong to cryptocurrency exchanges).

Because of the anonymous character of cryptocurrency assets, it is hard to determine which wallets belong to who. Considering biggest amounts of Bitcoins gathered on such wallets and taking into consideration some of media reports, we can speculate who might have qualified to group of Bitcoin whales.

Here are 10 institutions and individuals who may be in possession of the largest amounts of BTC.

  • Barry Silbert - CEO of Digital Currency group. According to Forbes report, his cryptocurrency resources were worth 500 million USD in January 2018.

  • Tim Draper - CEO of Draper Associates. In 2014 he bought 29 656 Bitcoins.

  • Michael Novogratz - CEO of Galaxy Digital. He invested a great part of his funds in BTC. In January 2018 his assets were worth one billion dollars.

  • Tyler and Cameron Winklevoss - co-founders of Gemini exchange. In 2011 they reportedly acquired Bitcoins for $ 11 million. At that time, one BTC was worth only 120 USD.

  • Blockchain Capital - investment fund and venture capital company. It invested in startups related to the cryptocurrency industry and in numerous cryptocurrencies.

  • Brock Pierce - co-founder of Blockchain Capital and Block.one. Reportedly, he accumulated cryptocurrencies worth 1 million USD, but he did not only invest in Bitcoin.

  • Matthiew Roszak - CEO of investment fund Tally Capital. According to reports, he owns cryptocurrency wallets worth about 1 billion USD.

  • Changpeng Zhao - CEO of Binance. He gathered about 2 billion USD in cryptocurrencies. Although, greater part of that amount might be stored in Binance Coin

  • Roger Ver - aka Bitcoin Jesus. In 2014 he possessed about 400 000 BTC.

  • Brian Armstrong - CEO of Coinbase. Reportedly, in 2018 he possessed cryptocurrencies of total worth 1 billion USD.

Bitcoin whales - market influence

Bitcoin whales are very crucial part of market. Their massive coins moves might have a significant impact on Bitcoin price. By that, purchase or sale trends are made. With this in mind, big fish, deciding to sell some of their Bitcoins, can lead to a sharp decline in the rate of this cryptocurrency. As a consequence, many other investors start to sell out of their coins. The same relationship also occurs in the opposite situation. When large amounts of coins are bought from the market, Bitcoin prices increase suddenly. This in turn prompts other players to buy it.whales of bitcoin

In the meantime, when most of people thing, that whales control the market, in most cases their impact was more positive than negative. For example, a report issued by Chainalysis revealed that the owners of the 32 largest Bitcoin wallets traded in the herd, buying BTC after falling price. In fact, research indicates that as early as 2011, major market players were more responsible for Bitcoin's upward movement than its decline. This suggests that although whales have too much power over the Bitcoin course, a significant portion of them have long been trying to make this market a success.

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