What Happened on Mar. 15th | $BTC is Dispersely Distributed

TI Research

Glassnode gives a good analysis of how dispersed Bitcoin is distributed with the conclusion that the supply of Bitcoin is actually quite dispersed, much less concentrated than normally reported.

The analysis suggests that:

An increasingly large proportion of supply is held by smaller entities representative of retail holders, with Shrimps (< 1BTC) and Crabs (< 10 BTC) absorbing a remarkable 2.25x more coins than were mined in 2022.

Institutional adoption post March 2020 is visible on-chain across several wallet cohorts, with balances showing signs of being increasingly market driven (i.e. swelling/contracting with price). Entities with a balance between 10 and 1k BTC are absorbing coin volumes equivalent to 100% of issued coins in 2022.

Exchange reserves continue to deplete in aggregate, especially following the collapse of FTX. This is a combination of both renewed demand for self-custody, but also the expansion of institutional and collaborative custody solutions, and exchange traded products like GBTC.

Biggest Gainers & Losers

Source:TokenInsight Gainers and losers


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TI Research

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