Bitcoin (BTC) ownership is becoming more decentralized every day, data shows, allaying fears that the supply is being controlled by an elite.
Data from Glassnode reproduced by statistician Willy Woo on Feb. 3 shows that the number of smaller Bitcoin holders and those holding coins on behalf of clients keeps growing.
Bitcoin in the hands of the little guy
Despite BTC/USD rising to record highs in recent weeks, more, not fewer, small investors are coming in board. At the same time, longtime BTC hodlers, known as “humpbacks” in reference to their status as the largest and oldest whale investors in the space, are not cashing out.
“Distribution keeps getting better,” Woo summarized in a series of tweets on the data.
“Rough estimate is 40% of the available supply is controlled by small / medium holders (
Bitcoin supply distribution chart. Source: Willy Woo/ Glassnode
The numbers serve to alleviate fears of centralization fanned by recent articles in the mainstream press on the back of Bitcoin price rises and associated publicity.
In a piece on Jan.Title: Small and medium hodlers control 40% of the Bitcoin supply — data
Sourced From: cointelegraph.com/news/small-and-medium-hodlers-control-40-of-the-bitcoin-supply-data
Published Date: Wed, 03 Feb 2021 15:16:04 +0000