Hello my fellow bloggers! Recently Bloomberg released a report, claiming "2% of accounts control 95% of all Bitcoin". Yes, whales are getting heavier with each day, but do they really own that much BTC? Glassnode proves we are not there yet.
Source
Glassnode recently published a very comprehensive analysis of BTC distribution between all groups. Most of such reports just analyze the distribution of BTC across network addresses. Glassnode reasonably states it is not correct because of these two reasons:
Not all Bitcoin addresses should be treated equal. For instance, an exchange address holding the funds from millions of users needs to be distinguished from an individual's self-custody address.
A Bitcoin address is not an "account". One user can control multiple addresses, and one address can hold the funds from multiple users.
Taken into account the above two facts, Glassnode got the following distribution:
Source
As you can see for yourself, Humpbacks and Whales control just 31%. At the same time, the smallest investors control around 14% of all BTC. We can also assume that some of BTC on exchanges is also in hands of small holders. I would even say most of BTC on exchanges is in hands of smaller holders. People who have a large sum of money in BTC would want to move it to a cold storage (not your key, not your crypto). In addition to that, the report shows that the smallest players (shrimps + crabs) have increased their holdings by 130% since 2017.
Yet, in overall there are way more shrimps and crabs, than Dolphins and bigger holders. In the end, the report states:
We can derive that around 2% of network entities control 71.5% of all Bitcoin. Note that this figure is substantially different from the often propagated "2% control 95% of the supply".
It is still way too much for my likes, but still it gives me hope. How do you feel about this? What animal is a spiritual guide of your Bitcoin wallet?
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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