Bitcoin Whales Have Been Acquiring Large Amounts of Cryptocurrency in Past Two Months

The extended cryptocurrency bear market, which has seen the market capitalization of all digital assets drop from an all-time high of over $800 billion in late January 2018 to currently around $130 billion, appears to have motivated many crypto whales to accumulate large amounts of cryptoassets.

Buying The Opportune Dips

According to the “top 100 rich list” for cryptocurrency, compiled by, there are certain “whale wallets” that have been steadily increasing their crypto holdings - with every drop the digital asset market has experienced since December 2017. When crypto prices plummeted on February 24th, a number of whales reportedly bought large amounts of bitcoin (BTC) and bitcoin cash (BCH).

With the exception of the four largest crypto wallets that belong to Binance, Bitstamp, Bitfinex, and Huobi, many of the large bitcoin holders are still unknown. According to reports, the 100 richest or largest wallet addresses are holding somewhere between 10,000 to 1,000,000 bitcoins - which is roughly equivalent to about 16% of all BTC in circulation.

Between December 17th, 2018 and February 25th, 2019, the four largest wallets associated with the exchanges (mentioned above) had increased their holdings by 2,879 BTC, an amount valued at approximately $10.8 million. In comparison, the remaining top 100 largest crypto addresses accumulated 151,505 BTC, which is currently valued at over $577 million according to CryptoCompare data.

Bitcoin Cash Whales Have Also Been Accumulating 

The reports also revealed that some of the richest bitcoin wallets that had been inactive for years seemed to be following similar accumulation patterns. It appears that these wallet holders believe cryptocurrency prices have bottomed - as they’ve been acquiring more bitcoins since November 2018.

Meanwhile, the top 100 largest bitcoin cash (BCH) wallets have also been accumulating as digital asset prices were falling. There are only 195 bitcoin cash addresses that hold between 10,000 and 1,000,000 BCH. This represents around 26.5% of all BCH in currently in circulation. Moreover, the top 100 BCH wallets have been acquiring large amounts of BCH, especially after the selloff that occurred on February 24th.

Notably, a BCH address which holds 57,889.45 BCH (appr. $7.8 million) has been acquiring a lot of cryptocurrency since December 2018. There are also 103,382 bitcoin cash addresses that have between 10-100 BCH, which accounts for about 20.66% of total BCH in circulation. Although there’s a difference between the distribution BCH and that of BTC, the BCH whales (like the BTC whales) appear to be accumulating large amounts of cryptocurrency every time crypto prices drop. In fact, the five largest bitcoin cash wallets have acquired 138,014 BCH (appr. $19.2 million) since December 2018.

Bitcoin Mining Pool Tries to Help Tone Vays Win $10K Bet Against Roger Ver

Cryptocurrency mining pool SlushPool has recently manually added a BTC transaction into a block to help Tone Vays, a derivatives trader and analyst, win a wager mage against BCH proponent Roger Ver.

The wager was made at the 2019 Malta AI & Blockchain Summit, during a debate between bitcoin (BTC) proponent Tone Vays and CEO and BCH advocate Roger Ver. In it, Ver argued BTC transactions are too expensive for business use due to the cryptocurrency’s small block size.

Vays, on the other hand, argued segregated witness (SegWit) and second-layer scaling solutions like the Lightning Network allow users to make small transactions without paying high fees, and that he has been using BTC on-chain without paying too much for transactions.

The debate ended up seeing Vays send Roger Ver $5 worth of BTC with a one satoshi per byte transactions fee – equal to the fees paid on the Bitcoin Cash chain – to see if it would confirm the same day. If it did, the CEO of claimed he would donate $10,000 to a charity of Vays’ choice.

During the debate, both parties noted the transaction was “priority 23,836 out of 24,355 transactions,” meaning that most transactions on the Bitcoin blockchain had to clear before miners picked that one up, at least according to fees paid for transactions.

As Vays soon noted on social media the transaction cleared after 10 hours. Some, however, found it strange. Cobra Bitcoin, the pseudonymous co-owner of and Bitcointalk, pointed out on social media that SlushPool – the mining pool that found the block the transaction was included in – manually added it to help Vays win the bet.

Cobra Bitcoin figured it wasn’t mined “naturally” as it was the second transaction included in the block – right after the coinbase transaction – despite the fee being less than 1% of that of all other transactions included in the block.

On Reddit, users pointed this out and accused SlushPool of manually adding the transaction. The mining pool, according to some users, is known for supporting BTC and being against Bitcoin Cash.

Should Roger Ver Pay?

The wager quickly became a controversial topic that seems to bring back memories of the scaling debate that was going on before Bitcoin Cash forked off of the Bitcoin network back in August of 2017.

Some argue that Roger Ver’s point stands as the transaction wasn’t “naturally” confirmed, but manually included in a block. Moreover the CEO of claimed he’d donate the money if it confirmed that day, and when the transaction did confirm it was past midnight in Malta.

On the other hand, some claim the transaction did go through anyway, and as such Roger Ver should donate the funds to a charity of Tone Vays’ choice. Moreover, Vays himself argued BCH supporters could have spammed the BTC mempool with two satoshis per byte transactions to stop his from clearing on time.

On Twitter, Vays created a poll that was retweeted by SlushPool and admitted the mining pool did prioritize the transaction. It currently shows most users believe Roger Ver should donate the funds. As one commenter pointed out, however, the results may change if Ver and other BCH supporters retweet the poll.