Cryptocurrency

Most Bitcoin Owners Hold Less Than $100 Worth

Most Bitcoin Owners Hold Less Than $100 Worth

An analysis of bitcoin addresses shows that the majority of bitcoin (BTC) owners own only one-tenth of the digital currency, according to a report.

Digital asset research company Delphi ran the numbers and found out that 22.9 million bitcoin addresses have at least some amount of bitcoin. However, of those, almost half have 0.001 BTC ($3.40) and about 90 percent have less than one-tenth of BTC ($340).

Of those bitcoin addresses, only 20 percent have more than $100 of the cryptocurrency. There are 1.5 million addresses that have over $1,000 in them, but they account for less than 7 percent of all addresses.

What about addresses that contain more than $10 million? There are 588.

In terms of groups, addresses that have between 10 and 100 BTC, which is equal to between $34,000 and $340,000, own 25 percent of all circulating bitcoin.

The top group that owns the most bitcoin has from 100,000 BTC to 1,000,000 BTC, worth $341 million to $3.4 billion. These addresses account for only 3 percent of the total supply of bitcoin.

In other bitcoin news, the currency’s value continued its downward slide and reached a new low on Dec. 11. That morning saw BTC trading at $3,333.60, which is down 2.1 percent since end of day Monday. If the ubiquitous cryptocurrency continues its slide to below $3,220, that would be its lowest level since Sept. 17, 2017, when it dropped below $3,000.

This saw more and more traders avoiding bitcoin and an increase in people betting against it, according to an analysis by DailyFX.

“Retail trader data shows 70.1 percent of traders are net-long, with the ratio of traders long to short at 2.35 to one. The percentage of traders net-long is now its lowest since Nov. 28, when bitcoin traded near $4,200.66,” wrote Nancy Pakbaz, an analyst at DailyFX. “The number of traders net-long is 1.6 percent lower than yesterday and 2.7 percent lower from last week, while the number of traders net-short is 14.0 percent higher than yesterday and 21.4 percent higher from last week.”

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