Cryptocurrency specialists have long acknowledged the power of whales to sway the market. As this week’s trading volume soared, investors and traders were curious about what these major players had been up to. What are crypto whales and what role did they have in this past week’s market activity?
Crypto whales, or whale investors, are people or entities who possess large amounts of cryptocurrency. Most have 1,000 BTC or more, which is equivalent to around $10 million. This immense wealth can be used to either intentionally or unintentionally influence price trends–as evidenced in the past week’s trading.
Distribution of Bitcoin Supply
When crypto was at its peak, NewsBTC produced a chart comparing Bitcoin holders to other crypto owners. This has become known as the Crypto Grading System, and it looks like this:
Shrimps: <1 BTC
Crab: 1-10 BTC
Octopus: 10-50 BTC
Fish: 50-100 BTC
Dolphin: 100-500 BTC
Shark: 500-1, 000 BTC
Whale: 1,000-5,000 BTC
Humpback: >5,000 BTC
Recent Cryptocurrency Activity
As of this week, Bitcoin had reached a nine month high of $26,500, while Ethereum had reached $1,778. This rise in cryptocurrency could be attributed to several factors, including spot-driven buying and a decrease in the US Dollar’s value. Additionally, crypto behavior analytics platform Santiment noted that large transfers were made by whales who were concerned about the security of the stablecoin USD Coin (USDC).
Bitcoin (BTC) Price Data
As of Friday, CoinMarketCap reported that the live Bitcoin price was $25,793.09, with a market cap of $498.31 billion and a trading volume of $37.54 billion. This is a 30.70% increase in trading volume compared to the previous seven days.
Ethereum (ETH) Price Data
The live Ethereum price as of Friday was $1,705.38, with a market cap of $208.69 billion and a trading volume of $9.86 billion. This is the highest ETH has been in seven days, with a 21.84% increase in trading volume.
The global crypto market cap as of Friday was $1.16 trillion, according to CoinGecko.
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WARNING: Crypto assets are not regulated and may not be suitable to retail investors. The total investment could also be lost.
AVISO IMPORTANTE La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido