Whale Concentration of Top 8 Cryptocurrencies

After hitting a market cap of more than $3 trillion three months ago, the crypto economy tumbled on massive sell-offs and increasing coin circulation. Over the past decade, volatile price cycles have attracted a number of addresses commonly known as mass accumulation whales. In addition, some projects have also seen whales grabbing most of the circulating supply through initial distribution.

Whales are a common theme in the crypto world as these creatures are always a force to be reckoned with. Whales are big coin holders who hold more tokens than the average person. They are called whales because their huge stocks can shake the market just like whales rock a boat in the ocean and cause big waves.

After more than a decade of people launching thousands of altcoins, years of crypto trading, and ever-changing price cycles, the forest density has shifted over the years. The article analyzes the current situation of the major holders of the top digital assets by market valuation. Forest density list and on-chain data are cited from coincarp.com and intotheblock.com statistics.

Density concentration of the owner Bitcoin large

Bitcoin is the oldest digital currency in the world that relies on blockchain technology and is said to have a very fair distribution process. Many believe that Satoshi Nakamoto holds around 750,000 to 1 million BTC in unspent block reward addresses. This means that Satoshi’s repository is widespread and it is not easy to determine the degree of concentration of inventor ownership. Indicators from Intotheblock.com shows Today, the concentration of major BTC holders is only 10%.

holder concentration Bitcoin large (Left) and sBitcoin holder statistics (Right) on January 28, 2022 | The source: Intotheblock.com and Coincarp.com

Intotheblock.com uses “the sum of whales (addresses owning more than 1% of circulating supply) and investors (addresses owning between 0.1% and 1% of circulating supply)”. Coincarp.com data as of January 28, 2022 shown that the top 10 bitcoin addresses hold 5.3% of the current circulating BTC supply. The top 20 BTC holders own 7.26% and the top 50 addresses account for 10.78%. Onchain metrics also show that there are 40,301,661 Bitcoin holders today.

Density Concentration of large ETH holders

ETH indicators show mixed results. According to Intotheblock.com statistics, the concentration of large holders is 42%, much higher than BTC. Follow Data Coincarp.com has 185,912,265 ETH holders and the top 10 addresses hold 23.39% of the current supply. The top 20 ETH holders account for 27.06% of the supply, and the top 50 holders own 33.02%. In terms of the top 100 wallet addresses by ETH balances, these hold 39.58% of the current supply.

The source: Coincarp.com

Density Concentration of large BNB holders

Intotheblock.com does not see large concentrations of ADA holders. However, Coincarp.com figures show that the top 10 BNB addresses make up 88.23% of the supply. Onchain stats too shows There are currently 321,134 BNB holders. The top 3 addresses are powered by exchange platform Binance, as the richest holders are exchange wallets, accounting for 52.02% of BNB supply. The second richest wallet holds 27.14%, while the third largest address holds 3.55%. Thus, over 82% of the BNB supply belongs to Binance wallets.

The source: Coincarp.com

Density Concentration of large ADA holders

Follow statistical, there are 325,604 ADA holders as of January 28, 2022. Figures from Intotheblock.com show the concentration of large ADA holders at 17%. The top 10 addresses hold 4.36% of the supply and the top 20 addresses 5.86%. The richest ADA wallet currently owns 1.37%. The top 100 holders hold 16.76% of the 34,186,794,009 outstanding ADA.

The source: Coincarp.com

Density Concentration of large XRP holders

While there are no numbers on XRP on Intotheblock.com, there are Data from Coincarp.com shows that the top 10 holders own 78.02% of the XRP supply. The 5 largest wallets are operated by exchanges. The richest wallet is owned by Binance, which accounts for 26.91% of the supply. The top 20 wallets hold 80.93% of the supply and the top 100 own 85.99% of the approximately 47,736,918,345 tokens in circulation.

The source: Coincarp.com

ensity Concentration of large SOL holders

Statistical showing that the current circulating supply of SOL is 314,967,774 units. The top 10 addresses hold 10.11%, of which the largest address owns 1.58%. The top 20 wallets account for 15.77%, the top 50 wallets for 26.82%, and the top 100 wallets for 34.64% of the total number of SOLs in existence. The current number of wallets is 8,383,421.

The source: Coincarp.com

The concentration of crypto whales is increasing

The data shows that the top 8 coins by market cap have different concentrations of whales. Besides, stablecoins also have a large concentration of holders. For example, the top 10 USDT wallets hold 26.79% of the current supply and the top 10 USDC wallets own 36.22% of the supply. Of this, 10.64% of the USDC supply is held by MakerDAO and Binance accounts for 5.62% of the USDT based on ERC20.

Cryptocurrency advocates generally dislike the concentration of whales because they can collude to dump coins on the market at any time, driving prices down and prompting people to panic sell. Whales take advantage of the chaotic situation after the sell off, buying the dip and selling when the price rises, making a significant profit. Traditionally, whales have thrived much more after bear market cycles due to the concentration of large holders and illiquid markets.

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