In the midst of all the events that have taken place in the world, one of the most interesting within the industry of criptomonedas is the whales Bitcoin still on the rise. But, do these whales Bitcoin are more rich?
According to a recent study of Glassnodethe reality is that in 2020 the number of whales has increased to over 1800, for the first time from 2016.
Do we have any explanation of yes the increase in the number of whales Bitcoin implies that they are wealthier?
The first thing to say is that the whales Bitcoin have increased their holdings of BTC, but still not be so large as to be considered a very radical. However, according to Glassnode if your trend continues, it could be a story entirely different.
Also, there is that establish the differences that are appropriate between the whales individual and institutional. Until now, the amount of BTC in the hands of the whales had declined by 22%. But, with the immersion of the whales of the institutions in the market, this percentage has increased.
Despite the increase in the stock of whales this year, the balance of BTC in their hands is still well below the peak reached in 2016. This has been developed as shown in the following graph.
Of course, if you evaluate the richness of the whales in terms of its equivalent in dollars, this measure will change depending on the value of BTC at a given time. What we know is that prior to this year the amount of BTC in the hands of whales had been diminishing.
However, with this new accumulation whales could influence the token rise of price, as long as the trend in this regard is maintained.
But, even if it happens, will not be sufficient by itself to increase the value of BTC, and the richness of the whales in dollars. Another influential factor would be if it generated an increase in market capitalization.
How much is really the domain of these actors in the market of BTC?
Imagine that on a time a farmer produces 10 apples a week, and that someone in this time buy 8. In theory their participation in the total of apples is the majority.
But once this same farmer will begin to produce in mass, and is more interested in their apples, acquire the majority of the production is difficult. This is exactly what has happened with the whales Bitcoin.
At the macro level, there is indeed an increase in wealth. However, seen from the point of view of the individual Glassnode asserts that the whales individual you are becoming a little more poor.
The average balance of BTC held by whales has decreased since 2011. Neither has increased significantly in 2020 along with the number of whales. Thus, the median wealth of BTC from each whale has not changed much.
That is to say, it is not that the whales get bigger, but there are more whales small and therefore it is said that the balance of BTC in the hands of this group has increased. Therefore it is believed that, at a general level, the whales Bitcoin are more rich.
However, a large part of the recent increase in the number of whales can be explained not by new money, but by entities rich existing withdraw their BTC from the exchanges.
We can see that this decrease in the balance of BTC on the exchanges coincides with the increase in the number of whales Bitcoin.