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December 2, 2023 by Mishal Ali
In a recent report by Grayscale Research, the global landscape of Bitcoin ownership has been unveiled, challenging the common perception that a handful of wealthy individuals, or “whales,” dominate the market. Contrary to this belief, the study reveals a diverse distribution of BTC across various groups and entities.
The report’s key findings indicate that a significant majority of BTC holders are small investors, with approximately 74% of Bitcoin addresses holding less than 0.01 BTC, equivalent to around $350 as of November 6th, 2023.
It dispels the notion that BTC is concentrated in the hands of a select few, highlighting its accessibility to a global retail audience. Furthermore, the report identifies that only 2.3% of Bitcoin owners possess 1 BTC or more, emphasizing BTC technology’s decentralized and open-source nature.
Bitcoin Market Dynamics In Focus
As the world anticipates two major events in the BTC sphere, the 2024 Bitcoin halving and the potential approval of a spot BTC ETF in the US, Grayscale’s research sheds light on the ownership dynamics that could influence these developments.
Notably, the report emphasizes the misconception that BTC is concentrated in a few hands and stresses the transparent nature of the blockchain, allowing real-time monitoring of ownership structures.
Crucially, approximately 40% of BTC ownership falls into identifiable categories, including exchanges, miners, governments, public company balance sheets, and dormant supply. This “sticky supply” could be crucial in amplifying the impact of demand-related events, such as the Bitcoin halving or the approval of a spot Bitcoin ETF.
The report further breaks down ownership categories, revealing that the top five wallet addresses holding BTC are either crypto exchanges or government entities. Notably, addresses belonging to exchanges like Binance and Robinhood represent millions of individual users, emphasizing the widespread ownership of Bitcoin.
Among the identified ownership groups, Grayscale highlights potentially sticky supply dynamics, such as long-term holders who have not moved their Bitcoin in a decade, miners, and exchanges. Despite fluctuations in BTC’s price, these groups have historically demonstrated price inelasticity, suggesting a commitment to holding onto their assets.
The significance of this price inelasticity lies in its potential to amplify the impact of demand-related tailwinds in the short term. Similar to “low float” stocks in traditional financial markets, the limited actively traded supply of BTC could result in an outsized impact on its price with sudden changes in demand.
Looking ahead, the report anticipates that Bitcoin’s ownership dynamics could play a pivotal role in magnifying the effects of macro events and regulatory developments, shaping the future of the crypto market.
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