Top Bitcoin Whales Bought the Dip, Adding Over 6,000 BTC in a Day (2024)

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Wallets tracked by CryptoQuant show whales – a colloquial term for large holders of any token – sold over $1.2 billion worth of BTC in the past two weeks, likely using brokers instead of on the open market.

Bitcoin has not reached the top of its current appreciation cycle and is likely to go past its all-time high this year, according to a research report released by CCData on Tuesday. Bitcoin hit an all-time high of above $73,700 in March but has since been trading within a range between roughly $59,000 and $72,000.

Crypto whales are individuals or entities that hold large amounts of cryptocurrency. They may have an influence on the price and liquidity of a cryptocurrency. The activities of these entities are observed by the crypto community due to their potential to affect the market.

Whales often store a significant portion of their cryptocurrency holdings in offline wallets, also known as cold wallets or hardware wallets. These wallets are not connected to the internet, which reduces the risk of hacking or unauthorized access.

Bitcoin's ongoing downward trend is true to what experts at 10x Research predict could be the lower target for BTC price. They warn that this steep decline may just be the beginning, with Bitcoin potentially dropping further to $50,000.

The widely acknowledged benchmark for being considered a Bitcoin whale stands at 1,000 BTC. This threshold is commonly cited by cryptocurrency analytics firms such as Glassnode, when identifying network entities (clusters of addresses) with a minimum of 1,000 Bitcoin.

If I invest $500 in Bitcoin at the start of 2022, how much money will I expect in the next 5 years? I see Bitcoin hovering around $90k by the mid of 2022, if not the entire market is collapsed by that time. In 5 years Bitcoin can easily reach $150k-$250k.

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So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.

Whales frequently conduct their trades on cryptocurrency exchanges. Monitoring order book movements and large trades on these platforms can help identify whale activity in real-time. Cryptocurrency exchanges like Binance and Coinbase provide access to live order book data and trading volume metrics.

Achieving whale status in the cryptocurrency space is subjective, with no set amount that defines the status. The community seems to agree that ownership of a large amount of circulating cryptocurrency qualifies as a whale. Learn how these large accounts can influence cryptocurrency investors and the market.

Wallet address data compiled by BitInfoCharts found that the top holders of bitcoin were addresses linked to the Binance (BNB) and BitFinex crypto exchanges. A Binance wallet was the single richest address, with 248,597 BTC worth more than $7.3bn and representing almost 1.3% of the circulating BTC supply.

1 BTC = 67,318.964998 USD Jul 26, 2024 10:38 UTC

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Bitcoin BTC/USD price history up until Jul 23, 2024

Bitcoin (BTC) price again reached an all-time high in 2024, as values exceeded over 73,000 USD in March 2024.

Thakral believes that Bitcoin reaching $100,000 in 2024 is more feasible now than ever before due to several key factors. The approval of the spot Bitcoin ETF has spurred significant interest from institutional investors, fundamentally transforming the crypto investment landscape in favor of Bitcoin.

In early April 2013, the price per bitcoin dropped from $266 to around $50 and then rose to around $100.