By Francisco Memoria
Popular on-chain analyst Willy Woo has revealed the largest bitcoin whales have been disappearing over time and their wealth is instead being redistributed to smaller investors buying dips and accumulating BTC.
During an interview with cryptocurrency analyst Tone Vays, first reported on by Daily Hodl, Woo said that entities with 10,000 BTC or more are facing extinction as they have been distributing their wealth since 2012 to smaller investors.
During the interview, Woo said the “mega-wealthy” are disappearing from the blockchain in what he called a “story of immense distribution of coins to even distribution, which is exactly what you want in a monetary network.”
Per his words, since 2017 smaller investors have been accumulating BTC while larger investors are selling their funds. To Woo, this sell-off is bullish as large whales in the space aren’t a good sign over time, but the distribution of wealth is “for the sake of decentralization.”
The analyst noted that an emerging class of investors has steadily been rising:
He added there are a “lot of high-net-worth entities buying the dip” and that is being reflected in the number of investors with over 100 BTC in their wallets. Woo has earlier this year predicted the price of bitcoin could surge to $157,000 after the pullback the market saw ended.
As reported, whales with between 1,000 and 10,000 BTC are said to have accumulated over $3 billion worth of the flagship cryptocurrency when its price was ranging close to $30,000 and ultimately dipped below that mark before recovering.
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