Roughly 11,000 entities represent 55% of Bitcoin’s on-chain volume
Researchers have found that roughly 11,000 entities are responsible for more than half of Bitcoin’s on-chain volume.
According to a study published by the National Bureau of Economic Research (NBER) on Oct. 21, 11,043 on-chain entities represent 55% of volume on the Bitcoin network. Cryptocurrency exchanges were estimated to account for three-quarters of on-chain volume.
The report found that the top 1,000-largest investors control roughly 3 million BTC or 15.9% of circulating Bitcoin, while the next 9,000-largest investors hold roughly 2 million BTC combined or 10.6% of circulating Bitcoin.
The report’s authors conclude that the network remains highly centralized despite the surge of new investors enticed by BTC’s 2021 bull market, stating:
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