In a recent tweet on June 8, Glassnode, a well-known on-chain analytics firm, made some fascinating discoveries regarding the current users of Bitcoin. According to their research, the demographic of Bitcoin holders has changed dramatically over the past few years.
Glassnode’s research shows that the number of Bitcoin addresses holding at least 0.1 BTC has reached an all-time high of 3,054,282. This is a significant increase from just a year ago when the number was around 2.7 million.
Furthermore, the research revealed that the number of addresses holding at least 1 BTC has also seen a significant increase. In June 2020, there were approximately 795,630 addresses holding at least 1 BTC. However, as of June 2021, that number has increased to 829,355.
Interestingly, the research shows that the number of addresses holding between 0.1 and 1 BTC has decreased over the past year. In June 2020, there were approximately 2.1 million addresses holding between 0.1 and 1 BTC. As of June 2021, that number has decreased to 2.1 million.
These findings suggest that the Bitcoin community is becoming more concentrated among larger holders. The research also shows that the number of addresses holding at least 10 BTC has increased from 14,749 in June 2020 to 16,159 in June 2021.
Glassnode’s research also revealed that the number of Bitcoin addresses holding less than 0.01 BTC has decreased over the past year. In June 2020, there were approximately 5.1 million addresses holding less than 0.01 BTC. As of June 2021, that number has decreased to 4.7 million.
This data suggests that smaller retail investors may be leaving the Bitcoin market, while larger institutional investors are increasing their exposure to the cryptocurrency.
It’s worth noting that while Glassnode’s research provides valuable insights into the current state of the Bitcoin market, it’s important to remember that it is just one piece of the puzzle. Other factors, such as market sentiment and regulatory developments, can also have a significant impact on the price and adoption of Bitcoin.
In conclusion, Glassnode’s research shows that the demographic of Bitcoin holders is shifting towards larger institutional investors. While this may be a cause for concern for smaller retail investors, it also indicates that Bitcoin is becoming more widely accepted as a legitimate asset class. As always, it’s important for investors to do their own research and make informed decisions before investing in any asset.