A deep analysis of Bitcoin (BTC) addresses conducted by China’s state-run financial news publication, National Business Daily (NBD), reveals that about 0.7% of BTC addresses currently control 86.9% of the flagship cryptocurrency’s circulating supply.
Moreover, analysts used data from BTC.com to conclude that this tiny 0.7% of BTC addresses own roughly $62 billion worth of BTC. To put this in perspective, Bitcoin’s total market cap is just $70.5 billion.
The analysis also showed that out of the 22.65 million addresses that hold at least some Bitcoin in them, 97.2% of these addresses have less than 1 BTC and only 0.7% have over 10 BTC in them.
According to further analysis from 8BTC, while 0.7% of addresses control $62 billion worth of Bitcoin, the other 97.2% with less than 1 BTC control just 4.6% of the cryptocurrency — that’s less than $4 billion.
Who Controls the 0.7% of BTC Addresses?