Bitcoin remains a “hot” topic in the financial world, with pundits and commentators alike eyeing the cryptocurrency king’s supply distribution.According to one Report Recently reported by Glassnode, BTC ownership is fragmented over time and is much less concentrated than previously reported. The report provides an update on the growth and contraction of supply held by groups of identified entities and provides a commentary on the current distribution of circulating supply.
According to the report, smaller entities such as Shrimp (< 1 BTC) and Crab (< 10 BTC) holding an increasing share of the supply have absorbed 2.25 times the number of tokens mined in 2022.
Institutional adoption after March 2020 is evident on-chain for several wallet pools, with balances showing signs of becoming increasingly market-driven (i.e. price up/down). ) Entities with balances between 10 and 1k BTC absorbed the equivalent of 100% of issued tokens in 2022.
The report also suggests that exchanges’ reserves continue to dry up, especially after the FTX crash. This is not only because of the new demand for self-custody, but also the expansion of institutional collaborative custody solutions and exchange-traded products (ETPs) such as GBTC.
To better understand the distribution of BTC ownership, Glassnode splits network entities by Bitcoin holdings. The pool includes shrimp (<1 BTC）、螃蟹（1-10 BTC）、章魚（10-50 BTC）、魚（50-100 BTC）、海豚（100-500 BTC）、鯊魚（500-1,000 BTC）、鯨魚(1,000-5,000 BTC)、座頭鯨 (>5,000 BTC), exchanges and miners.
Source: Glassnode
The report provides a summary of the relative ownership of the Bitcoin supply approximately 2 years after the article was originally published. The data shows that the smallest entities (shrimp to octopus) saw relative growth, while whales, miners, and exchanges shrank the strongest share of supply.
In addition to assessing changes in each group since February 2021, the report explores changes in the relative supply distribution using a new metric: the annual uptake rate. The tool provides a relative measure of the balance change in the number of newly mined coins over the past year, providing insight into how the pool has expanded/shrunk relative to newly added supply. enter the market.
Source: Glassnode
Overall, the report provides an in-depth analysis of the BTC supply distribution and how it has changed over time. This shows how BTC ownership is becoming more dispersed, especially among smaller institutions, and the impact of institutional adoption and custody solutions on the distribution of BTC supply. The report is an invaluable resource for those looking to better understand the dynamics of BTC ownership and supply distribution.
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Mingying
according to Kyptos
