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About 17% of the total circulating supply of Bitcoin is now owned by retail investors, according to the latest public blockchain data compiled by analytics firm Glassnode.

“Not perfect yet, but solid for a 12-year asset and definitely trending in the right direction.” on Twitter Reflexivity Research analyst Will Clemente in response to the data. “Bitcoin’s supply disperses over time, while fiat’s owner base concentrates at points over time.”

A Glassnode chart shared by Clemente shows the percentage of bitcoin supply held by retail investors during a steady rise since 2011. Glassnode defines “retail” as holding less than 10 BTC in a wallet, which is currently worth about $169,000.

Data from IntoTheBlock, another blockchain intelligence provider, appears to back this up. The firm’s page about the distribution of Bitcoin holdings shows that addresses with 0-10 BTC make up 17.3% of the total Bitcoin supply.

This figure was less than 12% in early 2020, but began to grow exponentially in 2022. Other periods of retail accumulation included late 2013 to early 2014, as well as late 2017, every late bull market/early bear market period in Bitcoin. .

Glassnode has previously defined “entities” as distinct owners of Bitcoin, including clusters of blockchain addresses that can presumably belong to the same owner. In February 2021 it was found that entities with less than 10 BTC make up 13.9% of the supply, a figure that “grows over the lifetime of Bitcoin.”

Bitcoin has often been criticized for its significant concentration of ownership, which some say undermines proponents’ claims of decentralization. In November 2020 Bloomberg claimed that just 2% of accounts controlled 95% of all Bitcoin.

However, like Glassnode is indicated In the immediate response, this figure does not take into account the difference between individuals and wallet addresses, including exchange addresses, which can hold Bitcoin on behalf of thousands or even millions of different users.

Bitcoin appears to have a more even supply distribution with varying percentages than other leading cryptocurrencies, including Ethereum and Dogecoin. Agreed CoinMarketCap:About 64% of DOGE and 38% of ETH are held by addresses that have at least 0.1% of the total supply, compared to only 9% of all Bitcoin.

Meanwhile, additional data from IntoTheBlock shows that holders of more than 100 BTC account for a declining share of total ownership over time, 69.5% in 2013 compared to 59.8% today.

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