Research shows: 39 “giant whales” account for 11.1% of existing Bitcoin

According to a report by Daily Hodl on January 11, new research has found that, by market capitalization, the concentration of mainstream cryptocurrency ownership is surprisingly high.

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(Source: Pixabay )

According to the latest research released by blockchain analysis company IntoTheBlock, 321 cryptocurrencies "giant whale" control the huge wealth in the Bitcoin, Ethereum and Litecoin ecosystems.

Although Bitcoin transactions can be tracked, the identity of most addresses is still shrouded in fog. The holders of these addresses are usually early Bitcoin investors. Of course, in some cases, it may be a cryptocurrency exchange.

IntoTheBlock claims that 39 giant whales accounted for 11.1% of the total amount of existing Bitcoin, 154 addresses accounted for 40% of all ether, and 128 addresses accounted for 47% of all Litecoin . In addition, more than half (58%) of USDT in circulation are gathered in 140 wallets.

The concentration of other common currencies is as follows: 105 addresses have 28% of Bitcoin Cash; 104 addresses have 25% BSV; 39 addresses have 40% Cardano.

Currently, USDT's 24-hour trading volume is $ 36.3 billion, exceeding Bitcoin's $ 29.9 billion. As a stable currency, USDT is widely used to hedge against apparently sharp fluctuations in the market.

On the surface, the concentration of cryptocurrencies in the hands of a few people seems to be bad news. However, this may benefit the long-term healthy development of the crypto industry. Theoretically, the "giant whale" can help keep the price of digital currencies stable. Unlike retail investors, "giant whale" rarely sells when the currency price is weak. In addition, when prices fall, the "giant whale" tends to accumulate purchases, which in turn helps open a bear market bottom.