IntoTheBlock information also reveals that the proportion of Bitcoin’s circulation that hasn’t changed for the last one year reached a new peak on Monday, reaching roughly 70% of the overall.
Will Clemente, a blockchain researcher at Reflexivity Research, presented a chart of Glassnode’s statistics in a tweet in which he stated that “Not perfect enough, but impressive for a 12-year-old investment vehicle and obviously going in the right way.” “In the years to come, Bitcoin’s liquidity redistributes, whereas fiat’s holding base remains with whales.”
2% of online wallets purportedly held Bitcoin supply roughly two years back, which prompted complaints of the cryptocurrency’s concentration of ownership.
Nevertheless, other industry experts noted that the published statistics didn’t take into account for missing Bitcoins, Bitcoins that were encased in paper, or Bitcoin custodians.
As per a November analysis by the Bank of International Settlements, a growth in the number of individual Bitcoin investors is more closely correlated with an increase in the crypto asset’s value, but instead of narratives such as mistrust in public institutions, financial institutions, or as a substitute store of wealth.