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Majority Of Large Bitcoin Owners Are Hodlers

Over 55% of Bitcoins currently sit in wallets that have balances upwards of 200 coins – worth over $1Mn at any point in time within the last 11 months when the price of Bitcoin breached the $5k mark. And impressively, 1/3 of the Bitcoins that are sitting in these wallets, have never made an outgoing transaction, which, outside of exchange wallets could indicate either lost private keys, lowering real supply, or a very strong resolve by cryptocurrency believers.

Long-term investors are keeping the faith in the king of cryptocurrencies despite the bears market in 2018. Data crunching by Diar shows that the majority of circulating Bitcoins, 55%, are sitting in wallets that are valued north of $1.3Mn at current prices.

At pixel time, over 87% of Bitcoins are stored in wallets that are above 10 Bitcoins ($60K+) – the total value just shy of $100Bn of the total market capitalization. These coins sit in only 0.7% of all Bitcoin addresses.

Accounting for wallets with over 100 coins ($640K+), this number drops to under 0.1% of all addresses, but represent 62% of all outstanding Bitcoins.

The top-heavy ownership of Bitcoins of course does not indicate a select number of wealthy individuals solely however, as the largest wallets are owned by cryptocurrency exchanges that are holding the coins on behalf of clients. In fact, 3.8% of the total bitcoin supply are currently sitting in the top 5 wallets that are known to be managed by major exchanges – approx. $4.2Bn in value.

BALLERS BE BALLING, HODLERS BE HODLING

An amazing 42% of Bitcoins held in such investment wallets (above 200 BTC) made no outgoing movement during the price peak in December 2017 – and sat in wallets before the markets saw the near $20k BTC. And 27% of these Bitcoin wallets have continued to add more coins to their stash since then.

TWO SIDES TO A BITCOIN TOO

An analysis earlier this year by blockchain analytics firm Chainalysis, however, places a whopping $30Bn Bitcoin sell off between December 2017 and April 2018. The report placed, back in April, 1/3 of Bitcoin supply in the concentrated hands of 1600 individuals. But there is a cherry on top for long-term investors. Chainalysis places the possibility of 30% of Bitcoin supply to be lost, and unmined. Diar recent analysis is inline with this estimate.

Note: The wallets may have never made an outgoing transaction since November 2017, however current balances reflect new wallets, as well as Bitcoins added to the wallets.

25% of total Bitcoins sit in wallets that were created before the Price Peak and have not made any outgoing transactions. Some wallets may be managed by exchanges.

Updated 4-23-2019

Chainalysis Adds Real-Time Transaction Monitoring for 4 More Cryptos

Blockchain compliance startup Chainalysis has added four more cryptocurrencies to its real-time transaction monitoring tool.

The newly supported coins are Binance’s native token Binance Coin (BNB) and three stablecoins – Gemini dollar (GUSD), Tether (USDT) and Circle’s USD Coin (USDC) – Chainalysis said Wednesday.

“As a New York trust company, we are required to monitor transactions onto and off of our platform,” said crypto exchange Gemini’s chief compliance officer, Michael Breu. “Automated solutions like Chainalysis help us fulfill our regulatory obligations.”

The additions mean Chainalysis’ anti-money laundering compliance solution, Chainalysis KYT (Know Your Transaction), now supports a total of 10 cryptocurrencies. The solution already supported six cryptocurrencies: bitcoin (BTC), ether (ETH), bitcoin cash (BCH), litecoin (LTC) and the stablecoins TrustToken’s TrueUSD and Paxos Standard (PAX).

The support of additional cryptocurrencies comes in anticipation of regulatory guidance from the Financial Action Task Force (FATF), a global money-laundering watchdog, which will provide clarity on how cryptocurrencies should be regulated over 180 countries, Chainalysis said.

The startup’s co-founder and chief operating officer, Jonathan Levin, told CoinDesk:

“Chainalysis is prepared to equip businesses with automated transaction monitoring for currencies beyond bitcoin. We expect that the launch of these multiple currency capabilities will help shape FATF guidance on the sector and help move away from technically infeasible solutions to more pragmatic recommendations.”

With Chainalysis having recently rebuilt its technology to scale and support more blockchains, the firm will be able to add new cryptocurrencies more quickly, Levin added in the announcement.

The startup’s blockchain investigation tool, Chainalysis Reactor, now also supports the same 10 cryptocurrencies, which it says represent 85 percent of the top 25 coins by trading volume.

Just last week, Chainalysis published a public comment letter in response to a draft recommendation by the FATF, saying that it is unrealistic and potentially harmful for the crypto industry to expect exchange platforms to send know-your-customer (KYC) information to recipient platforms with every transaction.

Founded in 2014, the firm recently raised a total of $36 million in a multi-stage Series B funding backed by notable investors, including Japan’s largest bank Mitsubishi UFJ Financial Group (MUFG) and venture capital firm Accel Partners.

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Your Questions And Comments Are Greatly Appreciated.

Monty H. & Carolyn A.

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