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Tuur Demeester: Half of Bitcoin (BTC) Holders Own Less Than 0.001 BTC

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Wed, 01/29/2020 - 16:55
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  • How decentralized are decentralized networks? Macro investor and partner of Adamant Capital Tuur Demeester shared an exciting report by Glassnodes that gives an answer.

Cover image via www.youtube.com

Yesterday, the Glassnode analytical think-tank well-known for its cutting-edge blockchain research strategies, published a new report, How many entities hold Bitcoin. Crypto investor and trading veteran Tuur Demeester payed his tribute to the analysts' conclusions.

Entities, not addresses

A report published by Glassnode utilizes a game-changing methodology in attempting to determe the real number of Bitcoin (BTC) holders. Typically, the on-chain reports tell us about 'wallets' and 'addresses' while the existence of single entities owning multiple Bitcoin (BTC) addresses remains behind the scenes. 

Glassnode researchers reconsidered this approach by merging 'industry–standard heuristics, proprietary clustering algorithms and advanced data science methods' to figure out the upper limit for entities holding Bitcoin (BTC).

As a result, they have traced the evolution of the number of Bitcoin (BTC) holders since the very early days of its mass adoption. These figures are fascinating:

The number of entities lolding Bitcoin (BTC) grew 28 times during last 7 years
Image by Twitter

 Thus, we can see that it took only seven years for the number of Bitcoin (BTC) holders to grow by 28 times.

Is Bitcoin (BTC) decentralized?

Another interesting part of the research unveils the allocation of Bitcoin (BTC) funds to users' entities. According to the provided data, one in two entities holding Bitcoin (BTC) operates less than 0,001 BTC. On the other hand, almost 2000 Bitcoin (BTC) owners are soon-to-be multimillionaires at printing time.

2000 Bitcoin users hold $10M each.
Image by Medium

The seven mysterious 'whales of all whales' mentioned in the far right column are exchanges, namely Coinbase (983,800 BTC), Huobi (369,100 BTC), Binance (240,700 BTC), Bitfinex (214,600 BTC), Bitstamp (165,400 BTC), Kraken (132,100 BTC), and Bittrex (118,100 BTC).

Combined, they hold 2,35M Bitcoins (BTC) or 13% of its circulating supply.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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Tue, 03/31/2020 - 19:25
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  • Bitcoin (BTC) bulls have high hopes for Q2 after the coronavirus-induced crisis tanked the price of the leading cryptocurrency

Cover image via stock.adobe.com

Bitcoin, the number one cryptocurrency by market capitalization, is set to finish its tumultuous first quarter of 2020 in the red with a 10.65 percent drop, according to crypto data provided by Skew.    

As reported by U.Today, it suffered a price crash of enormous magnitude due to the coronavirus pandemic that resulted in the global economic shock. 

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The stellar quarter that wasn't 

In early 2020, Bitcoin was on track to have its best Q1 since 2013. In fact, it gained more than 50 percent after reaching its current yearly high of $10,508 on Feb. 13. However, this rally hit a snag and BTC printed its first negative February close in six years

All bull dreams have been brutally shattered after the 'Black Thursday' of May 12. On top of halving its price in less than one day, BTC was actually in great danger of hitting zero because of a string of liquidations on BitMEX. 

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The odds are in the bulls' favor  

That said, there is still a good chance that the bulls can stage an impressive comeback in Q2, which is historically the most successful quarter for the leading cryptocurrency.

Last year, BTC kicked off its impressive rally on Apr. 2 with a sudden 20 percent price pump.   

At press time, BTC is sitting at $6,480, continuing its streak of range-bound price action.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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