The Number Of Bitcoin Whales Is Decreasing! What Is The Reason For This Decline?


According to an article published last year and used by several financial sites citing an obscure source, “it was emphasized that studies are being conducted to create a more technological coin that will be accepted as a stable coin in place of Bitcoin in 2025 – 2027.” In light of this information, the number of Bitcoin “whales” will decrease in 2023 if we look at the situation: It would not be wrong to say that it has reached the highest level in 3.5 years. Looking at Glassnode’s data, we should also notice that we came across some data confirming this article. 

The Number Of Whale Wallets Is On The Decline

According to the Glassnode on-chain data platform, the number of “whale” wallets with 1,000 BTC or more of bitcoin has dropped to 2.27. The number of “whale” investors, which refers to wallets with large amounts of bitcoin, last fell to 2.23 on August 5, 2019, with each “whale” holding about $25 million in bitcoin.

The number of bitcoin “whales” peaked in February 2021 at just under 2,500. Since then, that number has steadily declined. What is the main reason for this decline? Part of the decline in Bitcoin wallets is due to companies pulling out of the game. In 2021, many investors announced a decline in corporate wallets due to the decline. Some whales are withdrawing for other reasons. 

The Number Of Bitcoin Whales Is Decreasing! What Is The Reason For This Decline?

The Trend Looks Different For Mega Whales

This trend needs to be clarified for the so-called mega-whales, i.e., those holding more than 10,000 BTC, which is equivalent to an investment of more than $250 million at current rates. Their number is approaching an all-time high of 117. Investors holding more than 10,000 BTC have historically been much less correlated with the BTC price.

Again, it would be appropriate to have a more detailed conversation about the current number of whales as they enter the uptrend. Unfortunately, it is impossible to make a clear statement on this topic. 

The Number Of Small Investors In Bitcoin Is Growing

Moreover, the number of BTC retail investors, i.e., portfolios holding multiple coins, has been growing steadily over the past five years despite extreme price fluctuations and regular crashes.

The number of portfolios holding more than one BTC has risen to 982,000, up from 814,000 last year and 788,000 in February 2020.

It is underlined that regardless of the size of retail investors, it is important that enough whales fill their wallets to change the current game so that a steady increase comes to the fore. 

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