Satoshi Nakamoto: The pseudonymous creator of Bitcoin, Satoshi Nakamoto is believed to hold around 1 million BTC, making him potentially the biggest crypto whale with a value of approximately $19.2 billion.
Bitcoin whales refer to individuals, governments, exchanges, companies, and institutions that hold a significant number of bitcoins. Some of these Bitcoin whales have now become influencers, and people often seek their expertise to understand market sentiment.
Last Updated June 21, 2023 8:40 AM
The creator of Bitcoin under the alias Satoshi Nakamoto is thought to be the largest Bitcoin holder. The Winklevoss twins, institutional investors like MicroStrategy, and governments like the United States and China are just a few examples of other well-known Bitcoin millionaires.
Who Are the Big Whales in Crypto? Some of the publicly-known crypto holders with large amounts of cryptocurrency are Tyler and Cameron Winklevoss, Michael Saylor, and Brian Armstrong.
Fish: 50 to 100 BTC. Dolphin: 100 to 500 BTC. Shark: 500 to 1000 BTC. Whale: >1000 BTC.
Octopuses (10-50 BTC). These are experienced traders and financial investors who typically have a diversified portfolio of multiple financial assets. In addition to holdings on exchanges, they have hardware wallets as well. The Fish (50-100 BTC) and the Dolphins (100-500 BTC).
Dolphins are investors who have slightly large holding of cryptocurrency assets. Their ownership of cryptocurrency assets is larger than that of a “fish or octupus”, but not sufficiently large to be Whales. The ocean represents the crypto market, home to different fishes, big or small.
The actions of large holders such as whales can give a solid indication of which cryptocurrencies are poised for growth. This is more evident by the fact that whales have started buying some new cryptocurrencies such as Love Hate Inu, Fight Out, C+Charge, Metropoly, and RobotEra.
Mega Cap Layer-1 coins have taken a considerable hit as the crypto market cap shrunk by 9% in May 2023. In response, Crypto whales appear to be switching attention to the altcoin markets. On-chain data reveals that whales have recently been buying up cryptocurrencies like AGIX, MATIC, and RNDR.
The largest holder of Bitcoin is believed to be Satoshi Nakamoto, the pseudonymous founder of Bitcoin. Nakamoto is estimated to own approximately 1,000,000 BTC, worth around $27.13 billion.
Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin. The company also said it would start accepting bitcoin as a payment method for its products. CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter.
Market Manipulation
In a pump-and-dump scheme, whales buy large quantities of Bitcoin, driving up the price. Once the price reaches a certain threshold, they quickly sell off their holdings, causing the price to plummet. This allows them to profit from the price surge while leaving unsuspecting investors with losses.
The first Bitcoin (BTC) was mined on January 3, 2009, by someone known as “Satoshi Nakamoto.” Now, Satoshi Nakamoto is recognized as the pseudonym of the person or group of people who created Bitcoin — the invisible figure or figures whose technological creation has influenced the world.
Whales Store Crypto in Multi-key Wallets 🔐
All whales store crypto using multi-key wallets. So how does that work? While most crypto wallets are secured by one seed phrase only, multi-key wallets are protected with multiple keys.
If a whale decides to start selling a substantial amount of coins, the price is likely to go down. Alternatively, if they start buying a huge amount of crypto, the price of the asset is likely to rise. Their single major buy or sell order could cause other investors to follow their lead.
Crypto whales can substantially impact the digital currency market. Their considerable trading volumes andl capital can influence liquidity, volatility, and investor sentiment. Whales can sway the market through their trading decisions.
By holding onto large amounts of bitcoin, they can control the supply and demand and potentially drive up the price. Another strategy used by bitcoin whales is pump and dump, which involves buying up large amounts of bitcoin to artificially inflate the price, before quickly selling it off for a profit.
Hence, if the crypto whales' buying frenzy continues, AAVE (AAVE), Maker (MKR) and, Compound (COMP), Litecoin (LTC) are likely to rally in July 2023.
The answer is always never. The right question is whether an asset should be bought or not. And that depends on how an investor judges its long-term price performance outlook. If you deem ADA as likely to rise substantially in price in the current years, based on your own research, it is probably worth buying some.
As the market sees long-term growth, whales are selling off their stocks to lock in profits and reduce their holdings. Typically, large periods of contraction coincide with price appreciation cycles.
A bear trap is a situation in which investors are led to believe that the price of a cryptocurrency is going to rise, only to have the price drop shortly thereafter.
Pumping the price with a buy wall
A gargantuan whale (or better yet, a group of whales working together to manipulate the market), can take the opposite route and profit by pumping the price. The whale or group of whales open vast buy orders at prices above the market, thus setting up a buy wall.