Analyst Says Most Bitcoin Owners Are Decreasing, A Sign BTC Prices Will Drop Again?

JAKARTA – An observer named Willy Woo reported that Bitcoin owners in large quantities or commonly called whales have begun to decline in recent times. Will this affect the BTC price?

Launching Cryptoglobe, the on-chain analyst stated that their holdings have been redistributed to small investors who bought BTC when the price was falling.

Willy Woo revealed that since 2012 the owners of more than 10,000 Bitcoins have experienced a decline because they chose to distribute Bitcoins to small investors.

Woo also mentions that Bitcoin owners have spread bitcoins for the sake of equity as many people expect in the monetary system. In addition, he explained that since 2017 small investors have been collecting Bitcoins, while larger investors have sold their holdings.

According to him, the popes' actions are a good sign as they seek to distribute their wealth "for the sake of decentralization". He views positively the actions of the whales because Bitcoin ownership on a large scale is seen as not good for the growth of small investors.

For information, Bitcoin ownership itself has its own terms according to the amount owed. Bitcoin owners less than 1 BTC is referred to as Shrimp. While Bitcoin owners amounting to 1 to 10 BTC are called crabs (Crab).

Owners of 50 to 100 BTC get the title of Fish. Owners of 100 to 1,000 BTC are called Dolphin. Then the owner of Bitcoin as much as 500 to 1,000 BTC is called a Shark, and the owner of 1,000 BTC and above is called a Whale.

In recent times, Woo said that sharks and dolphins have appeared. This is a sign of the rise of new Bitcoin owners as a positive impact of the distribution of BTC carried out by the Popes.

Not only that, he added that there are "a lot of high-value entities that buy (Bitcoin) when the price drops." This is a reflection of the ownership of 100 BTC among investors.

He predicts the price of BTC will soar in the future after the decline ends. Woo argues that Bitcoin will decline even further before surging to higher prices.