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Germany or Saxony put a large portion of its 50,000 Bitcoins on the market, which hit the price hard. But who else has so many Bitcoins?
“Unplanned”, “crazy”, “stupid”. The comments on social media about the actions of the Saxon authorities were not flattering. The Free State received 50,000 Bitcoins confiscated from an illegal movie streaming provider. Since the owners had provided the authorities with access details in exchange for a reduced penalty, they could now sell the Bitcoins. And they did. Within a few days, the country was out of Bitcoin, which also had a negative impact on the price of the cryptocurrency. Critics said that the country had ruined its price. Independent Bundestag member Joanna Cotard had called on the Saxon government to stop sales and keep Bitcoin as a strategic reserve currency, but without success. American Bitcoin Star Michael Saylor Anomaly tweeted in German: “You don’t sell your Bitcoin.”
But the state sold. The most eager buyers in recent days have been US Bitcoin ETFs, which had been struggling with outflows in June. Now they are recording large inflows again.
Whales are very active
In other words, whales have been very active lately on both the seller and buyer sides. A Bitcoin whale is a person, institution or company that holds a large amount of Bitcoin and has a huge impact on the market every time it buys or sells Bitcoin. The definition is not clear; some already call people who hold 1,000 Bitcoins (53 million euros) whales, others consider this to be the case only with larger amounts.
According to Arkham data, the country with the most Bitcoin is the United States, which, despite recent Bitcoin sales, still holds 213,000 Bitcoins worth $12.6 billion. The United Kingdom is in second place, with 61,000 Bitcoins worth $3.5 billion. Bitcoin is mainly held by authorities, not central banks. Germany was still in third place with 6,900 Bitcoins on Friday afternoon, but these were also moved to exchanges for sale on Friday evening. El Salvador is currently in third place. The Central American country, which made Bitcoin a legal tender alongside the U.S. dollar in 2021, holds 5,810 Bitcoins worth $335 million (as of July 12). The country buys one unit of Bitcoin per day.
Bitcoin inventor believed to be richest person in Bitcoin Satoshi NakamotoHe has over 1 million Bitcoins (53 billion euros) in his various wallets and continues to receive donations from grateful Bitcoin fans: his wallets are still recording money coming in. There has been no outflow for a long time, Satoshi has disappeared and has not touched his holdings for many years.
According to Bitinfocharts.com, there are currently more than 42 million Bitcoin addresses holding at least $1 worth of Bitcoin. However, this number does not indicate how many people actually hold Bitcoin. A person can have multiple Bitcoin addresses, but some addresses are assigned to cryptocurrency exchanges, and the Bitcoin on these addresses belongs to multiple individual customers. The largest addresses hold 348,597 and 180,010 Bitcoins, respectively, and are cold wallets from Binance and Bitfinex exchanges.
23% of addresses have more than 0.01 Bitcoin (520 Euros). There are about 2,000 whales (with more than 1,000 Bitcoins). You often don’t know who they are. Bitcoin transactions are anonymous. Although they can be tracked, they can only be assigned to a specific owner if the owner takes an action that identifies them, such as exchanging Bitcoin for Euros or announcing a transaction.
Sword of Damocles Mt.Gox
6% of all Bitcoins must first be mined by 2140. About 4% is in the hands of Bitcoin ETFs: Blackstone, Fidelity and Grayscale each hold between $16 billion and $18 billion worth of Bitcoin. Bitcoin ETFs collectively manage $60 billion of Bitcoin. The richest companies in Bitcoin are neither fund providers, asset managers, nor cryptocurrency exchanges, but software companies. MicroStrategy By Michael Saylor The company currently has $4.6 billion worth of Bitcoin on its balance sheet.
But if Saxony sells all the bitcoins, will the selling pressure end? There is also a sword of Damocles: investors in the Mt.Gox cryptocurrency exchange that went bankrupt in 2014 are gradually going to get back 140,000 bitcoins. If many of them sell, prices could come under pressure again.
At a Glance
Bitcoin Price It has been under great pressure recently. In March, its price reached an all-time high of $74,000 and recently traded at around $58,000. This is still nearly 90% higher than a year ago. Reasons for the latest sell-off include a sell-off by the Free State of Saxony and concerns that Mt.Gox investors, who can finally dispose of their Bitcoin after many years, will sell off en masse.
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