More than half of the total market capitalization of Bitcoin is held in wallets which hold over 200 coins (roughly around $1.25 million). This signals for serious faith in the world’s leading cryptocurrency, according to a new research.
According to new research by Diar, over 55 percent of Bitcoin’s total supply is held in wallets which contain over 200 units. Moreover, one-third of those wallets have never made an outgoing transaction, including during the price’s peak at the end of 2017 and the beginning of 2018, indicating strong faith in Bitcoin by those investors.
The research also shows that upwards of 87 percent of all Bitcoins are stored in wallets which hold over 10 units, accounting for a little less than $100 billion of the total market cap. Interestingly enough, only 0.7 percent of all Bitcoin addresses hold these coins.
Additionally, the research also shows that 42 percent of Bitcoins which were held in the high-roller wallets (containing more than 200 BTC) didn’t make any movement throughout the price rally in December 2017. 27 percent of them also saw an additional accumulation of coins to their stash ever since.
It’s also worth noting that the above concentration of BTC isn’t indicative of solely wealthy owners, as the largest wallets belong to cryptocurrency exchanges which hold Bitcoin on behalf of their clients. According to Diar’s research, 3.8 percent of the entire supply of the world’s largest cryptocurrency is currently sitting in the top 5 wallets, which are known to be handled by the major exchanges. Their value is approximately around $4.2 billion.
At the time of writing this, Bitcoin trades at $6,433.13 according to data from CoinMarketCap. This represents 1.33 percent increase in the last 24 hours.
What do you think of the fact that 1 percent of all wallets hold more than half of Bitcoin’s supply? Don’t hesitate to let us know in the comments below!
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