The blockchain data platform Glassnode determined that the top 1% of Bitcoin addresses own almost 99% of the cryptocurrency’s current circulating supply.
The figure represents a three-month-high as the last time such investors controlled that amount was at the end of June 2023. It’s worth noting, though, that a lot of these are exchanges that hold the crypto of their users on their behalf.
Accumulating BTC Again
According to Glassnode’s estimations, the top 1% of BTC addresses currently hold 98.913% of the asset’s existing supply (approximately 19.5 million coins).
📈 $BUSD Percent Supply Held by Top 1% Addresses just reached a 3-month high of 98.913%
Previous 3-month high of 98.910% was observed on 30 June 2023
View metric:https://t.co/o8hZ0v8Uga pic.twitter.com/oW7bvBp07S
— glassnode alerts (@glassnodealerts) September 28, 2023
Those investors have been on an accumulation spree since the beginning of June as they briefly halted the foray in the following weeks due to BTC’s failed attempt to spike above $30,000.
However, the primary cryptocurrency entered a mini-bull run in July and exceeded the coveted level, which resulted in renewed interest from whales and an increased percent supply possessed by them.
It is worth mentioning that in May, the top 1% of BTC addresses owned 99% of the approximately 19.5 million coins mined.
We released a video providing information on the six Bitcoin billionaires. Those who wish to understand more can check it out here:
Addresses Holding 1,000+ BTC Plunged to a Record Low
On another note, CryptoPotato recently reported that Bitcoin addresses owning 1,000 BTC or more has dropped to its 2019 levels. Specifically, the figures from September 27 showed that there are only 1,997 wallets holding over $26.4 million worth of the leading digital asset (calculated at current rates).
The downtrend has been evident throughout last year, which witnessed collapses like the Terra crash, the Celsius Network bankruptcy, and the FTX meltdown.
In comparison, there were approximately 2,500 such Bitcoin addresses in 2021, when the crypto market was booming while the primary digital currency soared to an all-time high of almost $70K.
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