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Bitcoin adoption: Whale wallets control 27% of BTC in circulation

Bitcoin adoption

TL; DR Breakdown

  • Bitcoin adoption research shows retail wallets control more BTC in circulation
  • The adoption rate among Whales was 16% in June
  • More Bitcoin and less active wallets

This year has been a turning point in the history of Bitcoin adoption across the world. This is because most people are now turning to the leading digital asset. For example, there has been news about athletes and politicians choosing to take their paychecks in the digital asset. Also, El Salvador recently announced that it would adopt the digital asset officially. The latest report has shown that only 27% of the Bitcoin in circulation belongs to Whale wallets.

The Bitcoin adoption rate among Whales was 16% in June

In the recent research conducted by the National Bureau of Economic Research, in terms of Bitcoin adoption, the smaller wallets still control the larger chunk. However, the report also stressed that about 10,000 wallets that belong to Bitcoin whales control the remaining 27% in circulation. The report has been in the works in the last few months, using data gathered from months up until June.

However, the latest report by a Wall Street investment boosted its findings with the new Bitcoin adoption rate. Putting Bitcoin adoption into perspective, 16% of the entire Bitcoin inflow is owned by wallets belonging to 1,000 traders. At the same time, the remaining 9,000 wallets combined with the earlier ownership puts the figure at 27%. These latest Bitcoin adoption figures were mashed together by Igor Makarov.

More Bitcoin and less active wallets

When the first research was carried out ending in June, the Glassnode figures that they employed showed that Bitcoin adoption had been on the rise. This meant that the over 787,000 active Bitcoin wallets had 18.7 million BTC in circulation. But now, the wallets have decreased to 733,000, and the Bitcoin in circulation has received a bump up to 18.9 million.

This also affected the asset price as the Bitcoin adoption during the period pushed the price above $47,000. However, it should be noted that during the research, the entities used various algorithms to group more than one wallet owned by an entity. The researchers said they looked into more than 1,000 companies in the Bitcoin space in their review.

That figure made up of 339 crypto exchanges, about 33 payments processors with illicit actors taking the larger shares in a combined 415 entities. However, the present figure has not meant that high-value investors are not still looking for ways to invest more in the digital asset.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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