- 23.1 million ‘entities’ holding Bitcoin
- Only 7 entities hold over 100k BTC
A recent report by Glassnode tried to make a judgement about Bitcoin’s growth ever since its inception. The firm attempted to come up with an approach to estimate the number of ‘entities’ in the network. The basic problem of determining the number of users is the factual fallacy that arises because there is no one-to-one mapping between the addresses and users. This essentially means that there could be a user with more than one Bitcoin address and there and certain addresses can account for funds from more than a single user (Exchange addresses).
Glassnode tried to solve the first problem by deploying standard heuristics and advanced data science methods and algorithms. The term ‘entities’ refers to any address that appears in the Bitcoin network, and not necessarily individuals.
The report drew a comparison between active addresses and entities and deduced that in 2019, about 355k new addresses were added to the network everyday, while the average number of new entities was about 100k. As for the figures, the report stated:
“According to our analyses, as of January 2020 the number of entities holding Bitcoin is ~23.1 million. This is 18.5% less than the current number of non–zero addresses (~28.4 million).”
Coming to the metrics of the whales, there are 75 entities that hold 10,000 BTC or more and only 7 entities hold 100,000 BTC or more, with Coinbase topping the list, followed by Huobi and Binance. These entities alone account for 13% of the circulating Bitcoin supply. All in all, even if the factual aspect of the report is not completely accurate, the main idea is to reinforce the basic conclusion of bitcoin’s healthy growth which has remained intact ever since it pioneered.
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