Destroy the Exit Philosophy! Unexpected Result for Bitcoin

There is an interesting result for Bitcoin that may not suit the exit philosophy at all. The distribution of BTC ownership is frankly frightening. However, if you wish, let’s continue with a comparison. Let’s look at the data of the World Inequality Report (2022) as Accordingly, the richest 10% of the global population earns 52% of the total income. On the other hand, the poorest 50% receive 8.5% of the total income. Perhaps there was a stage in the exit philosophy for Bitcoin such as intervening in this situation. However, the point we have reached shows that this is not the case.

1% of major Bitcoin holders control almost 99% of total supply

The top 1% of all Bitcoin addresses currently holds a staggering 19.3 million BTC. Accordingly, this represents approximately 99% of the total circulating supply of the cryptocurrency. This data, taken from the blockchain data platform Glassnode, attracts attention. It marks a three-month high in wealth concentration. The last date when such a significant portion was in the hands of these investors was the end of June 2023. It should be noted that a significant portion of these addresses belong to exchanges that hold users’ crypto assets on their behalf.

According to Glassnode’s estimates, the top 1% of Bitcoin addresses currently control 98.913% of the total supply. Accordingly, this corresponds to approximately 19.5 million coins. These investors have been on a continuous savings spree since the beginning of June. They briefly paused their accumulation efforts after Bitcoin’s attempt to break the $30,000 barrier failed. However, the primary cryptocurrency entered a mini bull run in July. This revival revived interest among whales. On the other hand, it caused the percentage of supply held by whales to increase.

Decrease in addresses holding one thousand or more BTC

In May, the top 1% of Bitcoin addresses held 99% of approximately 19.5 million BTC. In a related development, there was a decline in the number of Bitcoin addresses holding 1,000 BTC or more. It was also possible that it would reach levels last seen in 2019. As of September 27, only 1,997 wallets held over $26.4 million in Bitcoin (at current rates). This downward trend coincided with the Terra collapse. It was also evident throughout the past year, which was marked by major events such as the Celsius Network bankruptcy and the FTX meltdown.

For context, in 2021, there were approximately 2,500 Bitcoin addresses holding 1,000 BTC or more. Accordingly, this period was characterized by a thriving crypto market and Bitcoin reaching an all-time high of around $70,000.

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