- Bitcoin’s market is shifting, with 20,000 addresses holding over $10 million each, representing $200 billion in BTC.
- Large Bitcoin holders control 9.43% of the market cap, or 1.87 million BTC, showing wealth concentration among a few.
- A continued bullish trend suggests a potential challenge to Bitcoin’s all-time high of $112,000 in the near future.
Bitcoin is undergoing a notable shift in its market dynamics, as the number of high-value addresses has been increasing. Analyst Joao Wedson highlighted that 20,000 Bitcoin addresses have more than 10 million each, which reflects an increase. The surge can be considered approximately $200 billion of Bitcoin, indicating the increasing centralization of wealth among large holders.
The increase in the number of rich Bitcoin addresses shows a curious trend in the distribution of the cryptocurrency. These 20,000 addresses represent 9.43% of the total market cap of bitcoin, which is now at a $2.12 trillion market cap. Furthermore, they represent 21.23% of the realized capitalization of Bitcoin, worth $942 billion. The percentage of this total supply controlled by these addresses is at a minimum of 9.43 or roughly 1.87 million BTC, highlighting the wealth of Bitcoin held by a small number of addresses.
Source: X
Wedson noted that, despite the decentralized nature of the technology and its underlying fundamentals, the distribution of Bitcoin is not equally distributed. The big holders are few but dominate a huge share of the total supply, and they are commonly known as whales, sharks, and dolphins. This wealth accumulation is one of the primary factors why retail investors have relatively little influence over the direction of the Bitcoin price, as major entities have significantly more control over the market.
Source: X
Bitcoin’s Bullish Momentum
The price of BTC has been displaying bullish indications over the past few weeks. As Santiment reported, the price of BTC reached an incredible $108,947, and now traders are considering a possible challenge to the all-time cryptocurrency high of $112,000, which was set last month. Although the past three months have seen the number of whale and shark addresses decrease, the wallet addresses holding 10 BTC or more have grown by 622 addresses in less than four weeks, indicating activity among large wallets.
Source: X
The recent trend in the pricing of BTC is performing well, and analysts are expected to continue its rise. Analyst More Crypto Online highlighted that a continuing upward trend in the price, with the next resistance at about 108,822. A decline to below $106,590 would be the initial signal that a local top could potentially have been achieved. In the meantime, the bull trend is still in force on BTC, and the market is intently paying attention to any possible breakthroughs.
Source: X
The market for BTC is still developing, and the dynamics of big holders are dominating. It can be argued that the increase in high-value addresses and the further growth of the BTC value demonstrate only the increased role of big players that can define the future of the cryptocurrency. It is unclear whether retail investors will become influential again or whether whales will still determine the price of BTC.
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