Briefly

• the decline of Bitcoin whale wallets enhances decentralization and reduces the risk of market manipulation.
• The current number of whales is 1,672, a decrease of 497 whales, or 23%, from the peak in 2021.
• BTC is still primarily concentrated in a small number of accounts; 745 percent of the available supply being “hodled.”

The number of whale wallets with large Bitcoin holdings is decreasing. Asset distribution to smaller wallets increases decentralization properties and lowers the risk of whale market manipulation, both of which are positive outcomes.

According to Glassnode, an on-chain analytics provider, the number of Bitcoin whales has “perpetually decreased” since June 26.

Bitcoin Whales Distributing

The firm defines a whale as a wallet holding 1,000 BTC or more.

Glassnode said that just before the bull market in 2021, there was a record number of Bitcoin whales. There were 2,169 whales found with more than a thousand coins.

However, it noted that the current number is 1,672, a decrease of 23%, or 497 whales. The number fell forcefully during the principal half of 2021 and leveled until May 2022. It proceeded with its downfall following the large selloff right after the Land/Luna biological system breakdown that month.

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Besides, the quantity of Bitcoin whales is at its least level for over three years in spite of late cost gains.

The distribution breakdown is shown in the Bitinfocharts Bitcoin “rich list.” Exchange addresses made up the vast majority of the wealthiest BTC wallets. The list was topped by Binance, which had 248,597 BTC worth approximately $7.5 billion.

Despite an increase in the number of addresses holding less than one coin, the majority of BTC is still concentrated in a small number of accounts.

In its “week on chain” report, Glassnode endeavored to find out the amount BTC is dynamic and ready to move.

It uncovered that only 11.9% of the coursing supply (2.28 million BTC) is held in return adjusts.

The supply of short-term holders is 2.65 million Bitcoin, or 13.6%. However, the vast majority of it—around 74.5% of the supply that is currently in circulation—is either held or unavailable.

BTC Price Outlook

Prices for bitcoin are currently consolidating at just over $30,000 of severe resistance. BTC has been stopped twice this year when it reaches this price range.

At the time of writing, the asset has changed hands for $30,437, up half a percent on the day.

This week has seen an increase in exchange inflows, which may signal profit taking.

Furthermore, the likelihood that BTC will return to support increases the longer it remains constrained at these levels.