According to a recent report by CryptoQuant, up to 61% of all bitcoins are controlled by major players.
To arrive at the “61%” figure, CryptoQuant analysts looked at the UTXO Value Range. This metric describes the distribution of all unspent transaction outputs according to the value of bitcoins.
CryptoQuant divides the “big players” into five types of fish: dolphins, sharks, whales, humpback whales, and giant whales.
According to CryptoQuant, dolphins and sharks in the crypto market control 29.57% of all global bitcoins. Dolphins and sharks are medium-sized players who own 100-500 BTC and 500 to 1000 BTC.
Whales, humpback whales and giant whales, on the other hand, control 31.57% of the market. Whales, humpback whales, and giant whales are players with 1,000 to 5,000 BTC and 5,000 to 10,000 BTC respectively.
Together, these entities control 61.14% of all bitcoins.
“Therefore, the bitcoin market is very sensitive to the movements of these players. When these entities buy or sell large amounts of BTC, it creates significant price fluctuations,” said CryptoQuant.
Bitcoin is the only cryptocurrency that SEC said would not fall under their definition of “security”. Therefore, BTC remains out of reach of the authorities.
Bitcoin corrected today as it dropped 2.4% over the past 24 hours to $27,012. The coin is facing resistance around $28,000, with support at $26,926.
See also: Bitcoin surpasses Visa and JPMorgan in market capitalization
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