There are many Bitcoin whales in existence, but only a handful have revealed their identities and the amount of BTC they own. This article will introduce you to some of the largest whales in the world.
Bitcoin has evolved into the largest decentralized payment network, paving the way for a new financial system and the crypto space. Although the network was built on the pillars of decentralization and democracy, some entities can still affect its dynamics by simply moving their bitcoins (BTC) from one wallet to another. These entities are called Bitcoin whales.
Who is a Bitcoin Whale?
A Bitcoin whale is an entity that holds a large amount of BTC, usually from 1,000 BTC up. Bitcoin whales operate on a massive scale and can cause significant price swings on the value of Bitcoin in just one move, influencing the asset’s volatility. They can also affect BTC demand or supply on exchanges and over-the-counter desks whenever they trade.
Bitcoin whales could be individuals, corporations, or groups pooling their funds to purchase BTC, and they are considered some of the most important market participants.
You may wonder how whales amassed their holdings since BTC has a supply cap of 21 million, and all the coins did not come into existence at the same time. Well, some whales are early Bitcoin adopters who acquired thousands of assets when it was worth way less than they is now.
Others may have served as Bitcoin miners, and HODLed the rewards they received for validating blocks, while some entities have remained large buyers over time and are still accumulating.
In this article, though, the top five Bitcoin whales focused on mainly include individuals. Hence, do not be surprised if you do not find the big names such as Spot Bitcoin ETFs or companies like MicroStrategy and Tesla.
The Top Five Bitcoin Whales
There are many Bitcoin whales in existence, but only a handful have come forward and disclosed how much BTC they have in their possession. According to data from LookIntoBitcoin, there are roughly 2,065 Bitcoin whales currently, holding between 25%-30% of the 19.79 million bitcoins in circulation. Some of these entities have chosen to remain anonymous, while some are well known.
Let’s take a look at the top five Bitcoin whales.
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Satoshi Nakamoto
Satoshi Nakamoto is the pseudonymous creator of Bitcoin. While their identity remains unknown, the crypto community is aware that the individual mined roughly one million BTC, stored in 22,000 wallet addresses, between 2009 and 2010. These addresses have remained inactive, and the coins are dormant to date.
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Barry Silbert
Barry Silbert is the founder and CEO of Digital Currency Group, a conglomerate of several crypto-focused companies, including digital asset manager Grayscale, which is also one of the spot Bitcoin exchange-traded fund issuers in the United States, and the bankrupt crypto lender Genesis. Although it remains unclear how much BTC Silbert owns, he began investing in Bitcoin in 2012 and has amassed a $28 billion portfolio encompassing BTC, ether, and other cryptocurrencies.
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Winklevoss Twins
Tyler and Cameron Winklevoss are early Bitcoin adopters who have become prominent crypto billionaires. Like Silbert, they ventured into the space in 2012 and founded the cryptocurrency exchange Gemini roughly two years later. Tyler and Cameron are estimated to have a collective stash of 70,000 BTC to date.
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Changpeng Zhao (CZ)
The founder and former CEO of the world’s largest cryptocurrency exchange, Binance, is another individual holding large amounts of BTC. CZ is the 23rd richest man in the world, with a real time net worth of $67.8 billion, according to Forbes.
Although the exact number of bitcoins in CZ’s portfolio remains unknown, there are reports that he sold his house in Shanghai for $1 million to purchase BTC in 2014. At bitcoin’s average price of $500 at the time, the purchase must have yielded at least 1,500 BTC, and CZ’s tweets over time indicate that he has been holding the assets. It is no no-brainer that the Bitcoin advocate has increased his stash over time, so he most likely holds at least 2,000 BTC currently.
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Michael Saylor
Michael Saylor, founder and executive chairman of MicroStrategy, the business intelligence firm and largest public holder of BTC, has been loud about Bitcoin since 2020. He revealed in October of the same year that he held 17,732 BTC, but has disclosed no additional purchases since then. Since MicroStrategy acquires BTC every now and then, it is safe to assume Saylor has increased his stash as well, and now holds way more than he used to.
Should I Worry About Bitcoin Whales?
The presence of whales may pose a threat to the Bitcoin ecosystem, as large BTC holders are capable of making emotional trades and manipulating the market to benefit themselves; however, this is not necessarily a reason to worry when buying Bitcoin.
Instead of worrying, you can position yourself to benefit from whale movements and strategies. One way of protecting yourself or benefiting from the impacts of Bitcoin whale movements is tracking their activities through blockchain explorers. Some well-known whales have social media platforms where they share insights and free investment tips, giving hints on their next trades. You can also analyze on-chain patterns to spot sudden price drops and spikes, make well-informed moves and avoid hasty trades.
Summary
The Bitcoin market is subject to changes and volatility, which is bound to affect whales and their holdings. Depending on the market cycle, the number of whales in existence and the BTC they own may increase or decrease.
Regardless, the importance of keeping track of whale movements can not be overemphasized.