- 99% of the present Bitcoin supply is in the hands of 10% of BTC addresses.
- The 10% could have a great influence over the price of BTC.
- It is hard to gauge who these 10% addresses belong to.
Bitcoin believers show immense faith in the crypto asset. According to Coin Metrics, over 99% of the present Bitcoin supply is being held by just 10% of Bitcoin addresses.
In detail, Coin Metrics says, 10% of addresses are holding exactly 18,559,085 BTC as of June 14, 2021. This marks exactly 99.5% of the present total supply which stands at 18,735,681 BTC.
These Bitcoin addresses could be held by crypto exchanges. Although, they could also be of the rich institutes that have been investing in Bitcoin in large amounts since November 2020. For example, companies like MicroStrategy and Grayscale.
There is the possibility, however, that some of these holders may be the original early adopters. Specifically, those who own thousands of Bitcoin from a decade ago when the asset valued at close to nothing. For instance, the guys who traded 10,000 BTC for two large Papa John’s pizzas come to mind.
In the end, due to the decentralized, anonymous nature of Bitcoin’s blockchain, it is difficult to track exactly who the 10% of addresses belong to. However, it is important to note that these holders could easily influence the course of Bitcoin’s price. Maybe, even more so than Elon Musk.
Meanwhile, we may soon see the supply of Bitcoin increase. This is possible due to more and more countries adopting the asset. For instance, El Salvador is working to mine Bitcoin with the geothermal power of its volcanoes.
In contrast, other countries like Malaysia have begun seizing Bitcoin miners for illegal operations. Recently, the price of Bitcoin has been fluctuating. Many experts have been encouraging the public to invest carefully. Presently, the BTC price stands at $39,331.73 according to CoinGecko. In other news, the BTC HODLer net position switched to ‘green’ for the first time since October. Perhaps the 10% will see more gains very soon