Who are the main bitcoin whales?

There are different types of actors in the crypto world, but Bitcoin whales are one of the best known. We know that these are strong investors. In addition, it’s so powerful that you can change the value of a cryptocurrency if you want to, at least in theory. But do you know if the exchanges are the main bitcoin whales?

To view a person or institution as a whale bitcoin, they need to have a large amount of BTC in their portfolio. If you analyze well now, it is the wallets of the exchanges that have the most Bitcoin on their balances. This is due to the simple fact that many people save and accumulate their BTCs on these websites.

For example, many of the people with the most BTC also prove to be part of the CEOs or founders of some exchanges. This is the case with Changpeng Zhao from Binance and Brian Amstrong, CEO of Coinbase.

However, it stands to reason that many Bitcoin whales do not reveal their true identity, which stands for their security. For this reason, we have decided to focus on exchanging with most Bitcoin on its platform.

Exchanges like Bitcoin whales

It’s obvious that linking the two concepts can be confusing for many, but the truth is that the exchanges in the narrower sense would be the biggest Bitcoin whales. The wallets on these platforms contain unimaginable amounts of BTC due to the accumulation of users.

This year, Coinbase is the largest Bitcoin creditor among the exchanges. Second, we have Binance. The first reached a million bitcoins (BTC) in their cold purses this year.

This is not surprising when you consider that 92% of institutional investors keep their cryptocurrencies on exchanges, according to a study by Binance in 2019.

According to Token Analyst, 6.7% of all current Bitcoin supply is in the wallets of eight of the major cryptocurrency exchanges.

This year, when Coinbase was taken out, BTC ownership looked like this in the cold wallets of the main exchanges earlier this year.

Cold wallet storage analysis is not the perfect metric for evaluating cryptocurrency exchange. If, however, it can be considered an interesting data point, which can give clues to the number of users, the trading volume and the income of the exchanges. Storing cold purses is also relatively difficult to fake.

Conclusion

Thus, we can confirm that the major exchanges such as Coinbase and Binance, which are creditors of a large percentage of BTC on the market, are also significant as the largest crypto whales.

However, it is very important that you know that these are designed to save it, not to sell it or to change it. So there is not much to fear here. Instead, the institutions and individuals who use the purses of these exchanges can do so.