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Idle Bitcoin – Millions of BTC Idle During Crypto Winter

keep the wolf from the neck – It’s not entirely that simple bear market. Crypto winter freezes our nights and torments our brains. the cryptocurrency prices remaining, there, in the corner of the head. Paradoxically, some, that is, some, sleep peacefully: they are whales. Sleep, their best ally, guarantees the good health of their wallet. So, falling into the arms of crypto-Morpheus, whales 3.0 seem ready to pass the ice age we’re going through, huddled peacefully with their beloved BTC.

BTC whales are asleep

Understand this natural phenomenon that is cetacean hibernation BTC, first it is necessary to go over the basics. What is a whale in cryptography?

It is encrypted addressa wallet (portfolio in English) which contains a lot cryptocurrencies. In our case it is the ones who hold bitcoins which we are interested in. The special feature of these wallets is that they are inactive, fall asleep. Indeed, once a whale had stored his ton of bitcoins, it takes several years to expel them through its opening! And, that’s the whole point of this cryptographic type.

Often early veteransor whales from the first ICOsthese wallets have been building a legend for years that follows them and perpetuates the myth.

Number of Bitcoins Accumulated by Whales / Top 5 Sleeping Wallets Source – Bitcoininfocharts

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Bitcoin seller passed

There are several types of sleeping pills for these wallets. Strategy “holding(save your cryptocurrencies ad vitam aeternam) for’moderate the volatility of BTC in the short term it’s a good reason not to touch your wallet. Not selling then becomes a way to make a profit. Other crypto whales are also out of spite. Their funds are blocked because they lost their private keys. Some then move heaven and earth to find their precious bitcoins lost forever.

Finally, and above all, some of these wallets date back to the original era, from the genesis of bitcoin. They are the cradle of our ecosystem. As popular as they are dangerous, these whales can cause major damage to the markets if they decide to release their bitcoins in the form of Solend the whale.

According to Bitcoininfocharts, BTC whales are so gluttonous that they could hold more than that themselves 90% of bitcoins in circulation. Indeed, on 19 million BTC available whales hold 17.87 million BTC. Enough to sleep for several winters. The greediest whale holds 79,957 bitcoins, i.e. 1.6 billion dollars according to BTC price at the time of writing these lines. It is therefore in our interest to ensure that these wallets, the pillars of the ecosystem, remain inactive.

So you will understand. The whale both under the sea and on the blockchain is a precious species, but it is feared. Participating in the crypto legends that build bitcoin culture, they also have a key interest in the crypto ecosystem : guarantee its durability and good health. The fact that the latter own some of the Bitcoins in circulation raises questions in the long term. However, in the short term, the crypto winter may not be fatal if the whales have not washed ashore.

Let the whales sleep! Come and meet other ecosystem legends at Binance Blockchain Week on September 14th, 15th and 16th, 2022 in Paris! Le Journal du Coin offers you 5 places to win (value €880 (commercial link).

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