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  • By comparison, 448 people own 20% of all Bitcoin.
  • Chainalysis also found that ETH prices follow BTC  prices.  

Chainalysis, a blockchain analysis startup, stated that the 376 individuals owned 33% of the entire fund yet the number is actually down from levels seen in 2016 and 2017. The study also revealed that 376 whales have “no meaningful” impact on the ETH price. However, the intraday volatility in the cryptocurrency market boosts whenever they make large sell-offs. Moreover, the majority of the whales are not active traders and that they are only holding their funds.  

Chainalysis also used a vector autoregression (VAR) model and found that ETH prices follow bitcoin (BTC) prices. Chainalysis said:  

“These preliminary findings are consistent with the literature on stock market prices and volatility. Academics have found that large anomalous fluctuations in traded volumes of particular stocks, notably the S&P 500, tend to impact volatility and not price levels.”

Kim Grauer, a senior economist at Chainalysis revealed in an interview that, by comparison, 448 people own 20% of all Bitcoin. Grauer plans to turn the research into an academic paper analyzing the effect of large Ether holders on the market. She said:

“We’re excited to bring the models that have been applied to the stock market to cryptocurrencies. It’s unfortunate this bull run didn’t happen a month ago to be part of our analysis.”