- 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...
This article was first published on coinquora.com