23 April, 2024



Bitcoin Sees Unprecedented Whale Exodus: Here’s the Lowdown

25 Jul, 2023

31 Oct, 2023

  • Bitcoin whales significantly reduce holdings, with a record decline of -148,000 BTC/month in exchange inflows.
  • During a market rise past $31,000, whale inflow peaked at +16,300 BTC/day, accounting for 41% of all exchange inflows.
  • Whales displayed varied strategies: some with over 100,000 BTC increased holdings, while others adjusted based on initial sizes.

In a historic move, Bitcoin whales have seen a massive departure, as revealed in a new analysis by @CryptoVizArt, a senior researcher at Glassnode. Moreover, Binance whales were responsible for 34% of selling pressure in the past month alone. These large players have played a pivotal role in determining the direction of recent market activities.

An interesting trend emerging from the study is a significant decrease in the overall balance of whale holdings on exchanges. The last month witnessed the largest drop ever in the monthly balance of whale inflows to exchanges, plummeting to -148,000 BTC/month. This substantial fall prompts questions regarding their underlying intentions and game plans.

During the market surge beyond $31,000, there was an unprecedented surge in whale fund influxes to exchanges. Astonishingly, this resulted in an inflow of +16,300 BTC/day. This dominant force represented a whopping 41% of all exchange inflows, a figure comparable to the LUNA crash at 39% and FTX’s demise at 33%.

In recent months, the inflow of whale funds remained consistent at a high rate, between 4,000 to 6,500 BTC/day. The leading crypto exchange Binance stood out, attracting approximately 82% of these flows. Coinbase, another prominent firm, managed 6.8% in comparison, leaving the rest of the exchanges sharing a mere 11.2%.

Despite the overall decline in whale balances, @CryptoVizArt’s’s investigation revealed interesting internal dynamics within the group. It appears that some whales are increasing their portfolios while others are decreasing theirs, resulting in what is called ‘Whale Reshuffling.’ This indicates that these entities do not follow the same strategy.

Upon examining the recent activities of Bitcoin whales over the past month, it’s evident that those with portfolios exceeding 100,000 BTC expanded their assets by an additional 6,000 BTC, while those in the bracket of 10k-100k BTC diminished their holdings by 49.0k BTC. Concurrently, whales possessing between 1k-10k BTC observed an increment of 33.8k BTC in their accounts.

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