“Bitcoin whales” are not the cause of volatility in the cryptocurrency market. To such conclusion analysts of the blockchain startup Chainalysis, examining 32 of the largest bitcoin wallet in the amount of $6.3 billion

In their study, Chainalysis divided the owners of these wallets into four categories:

  • traders (9 332 wallets with thousands of coins). This “whales” who actively trade bitcoin on the exchanges. Presumably, most of these traders have come to market in 2017.
  • miners and early adopters of bitcoin (15 332 wallets with thousands of coins). Trading activity in this group is “extremely low” level. However, in 2016-2017 during the growth of the price of the cryptocurrency these “whales” have significantly reduced the bitcoin stocks.
  • lost (5 212 wallets with thousands of coins). The owners of these bitcoins have not done any transaction since 2011.
  • criminals (3 125 wallet with thousands of coins). In this category fall the “whales”, which is probably linked to the darknet site Silk Road and dealing with money laundering.


Analysts said that for 2017-2018 years, the “bitcoin whales” from “traders” prefer to buy cryptocurrency at the time of the fall of prices, and not Vice versa.

Experts Chainalysis came to the conclusion that “whales” do not have such a strong influence on the course of cryptocurrencies, as some believe.

“Trading whales was more stabilizing than a destabilizing factor in the market,” the study says.


We will remind, according to research company Diar, the “whales” are stored more than 55% of all bitcoins.