Casino Players Using BTC Breathe A Sigh of Relief as Bitcoin Whales Stabilize the Market
With the recent news of a Bitcoin whale emptying his wallet of nearly $2 billion worth of BTC causing the BTC’s market rate to crash by 15%, many BTC casino players felt obliged to ask the question as to whether the current whales deciding to offload their crypto will tank the market further.
Fortunately, a study by Chainalysis of the 32 biggest Bitcoin wallets that are not currently on an exchange shows that the wales actively trading in BTC are the ones currently stabilizing the much-debated cryptocurrency. Casino players that are worried about their Bitcoin investment can breathe a sigh of relief because there are professional investors still putting their faith into the future appreciation of BTC.
There could also be some casino player winners in one group of early adopters of Bitcoin that found themselves suddenly very wealthy thanks to 2017’s huge increases in value. BTC skyrocketed from around $1,000 up to almost $20,000 and today is valued at $6,549.73 when we did our last weekly report (OCT 10 – OCT 19). That’s a 600% increase in value even by today’s rate.
Chainalysis Divided The 32 Wallets from Their Research Into 4 Main Categories
BTC casino players will be interested to see that there is quite a diverse group of whales currently holding over 1 million Bitcoins. Currently, there are 17,338,112 BTC in circulation with a max supply of 21 million according to BTC stats from Coin Market Cap.
- Traders – This group of traders is currently buying BTC in times of market decline. They are not selling, and therefore with their interest in the world’s largest cryptocurrency, they have been keeping the value of BTC stable. There were 9 wallets out of 32 that showed active hoarding of BTC and transactions occurred when BTC values were in decline. Overall, this group currently holds 332,000 Bitcoins.
- Early Adopters & BTC Miners: This group of individuals found their cheap BTC purchases in 2016 and before to be one of the best investments they had ever made. Many of these wallets are not very active as the owners are happy with the current rate of BTC. With not much going on at all with these wallets, the market remains stable as there are no signs of mass sell-offs. There is a total of 15 wallets that showed these traits also holding 332,000 BTC. This is the group that you likely to find BTC casino players looking to increase the value of their portfolio playing online casino games.
- Lost Wallets: Would you believe there are millionaires out there that will never be able to claim their millions. 5 of the 32 wallets showed a shared amount of 212,000 BTC. These people have lost their private key and will not be able to retrieve their investment until such a time when they do happen to locate their private key.
- Criminals: With many cryptocurrencies, unfortunately, there also criminals involved. It is the same in every walk of life where money is involved. In this group, there are just 3 wallets with 2 of them owned by those involved in the Silk Road Darknet. The remaining 1 wallet looks suspiciously like a money launderer. This group has a total of 125,000 BTC stashed away.
With the 32 most valuable wallets researched, they make up for a total of 6% of all Bitcoin. There are also predicted to be around 2.78 million to 3.79 million in total lost including all wallets whether they are a collection of low rollers BTC owners that have lost their private key for good, or whales with considerable amounts of Bitcoin. On average that means around 20% of the BTC in circulation are gone forever.
Roughly 25% of BTC is in safe hands with the other 75% still being traded or hoarded by a diverse group of individuals across the globe. This is not taking into account the huge number of BTC owned by online casinos that allow Bitcoin gambling as well as the huge BTC jackpot winners. For now, the market is stable and there appears to be some potential as there the pro investors out there are still actively buying BTC for what presumably is in preparation for another sudden rise in value.