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This dominance of BTC whales, professional traders in the Bitcoin market cannot be overlooked. They are the most important players to large market movements in the BTC market, such as those levels seen during Bitcoin’s dramatic price decline in March as the COVID-19 pandemic intensified around the world.

 “The data shows that the majority of bitcoin is held by those who treat it as digital gold: an asset to be held for the long term.” 

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READ MORE:BTC whales on the rise, as COVID-19 changes Bitcoin’s status quo

Chainalysis a leading crypto analytic firm also explained activities in the BTC market for the month of June. The report said;

“As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date: 

“Roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.  

“Another 20% hasn’t moved from its current set of addresses in five years or longer. We consider this lost Bitcoin. That leaves just 3.5 million Bitcoin or 19% of all mined Bitcoin that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.”