Chainalysis: Bitcoin's largest holders are diverse

The blockchain analysis company recently released a report analyzing the 32 largest wallets on the Bitcoin blockchain. These wallets represent approximately one million bitcoins (~$6.5b at time of writing). According to Chainalysis, these wallets represent four basic types of bitcoin whales (individuals or entities that hold large amounts of bitcoin): Traders, Miners/Early Adopters, Lost, Criminals. The share of the one million bitcoins from these whales are as follows:

  • Traders: 33.1%
  • Miners/Early Adopters: 33.1%
  • Lost: 21.2%
  • Criminals" 12.5%

While most people believe that whales exacerbate volatility, Chainalysis' data shows the opposite. Instead of whales selling during price declines, they were net receivers of bitcoin during bear markets. This shows that, rather than destabilizing the market, bitcoin whales actually stabilize it. (Source: Chainalysis)