More than half of the bitcoins are in stock
Investors see MTC as a long-term investment
Most bitcoins are traded between exchanges
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According to the latest analytical report from Chainalysis, only 3.5 million BTC are actively traded in the world, moving from one owner to another. The bulk of the coins are kept by the holders as digital gold.
Investors are in no hurry to sell bitcoins
Today, only 19% or 3.5 million bitcoins are actively traded on the global market. The rest of the volume of coins is stored in the reserves of large investors as digital gold. According to the report, about 18.6 million bitcoins had been mined as of June 2020. Of this amount, about 60% of bitcoins are in the hands of legal entities – funds and exchanges that have never sold more than 25% of their bitcoin reserves..
About 20% of mined bitcoins have not moved from their current addresses for the past five years or more. Specialists at Chainalysis called such coin reserves “lost bitcoins.” The rest – 3.5 million of all mined BTC – is used for trading, mainly between exchanges.
“The data shows that most bitcoins are owned by retail investors and investment companies who view them as digital gold, that is, an asset for long-term investment,” the report said..
A study by Chainalysis found that a total of 340,000 people were actively trading bitcoin every week during 2020. Retail traders simultaneously list less than $ 10,000 worth of bitcoins on the exchange. However, they account for 96% of all receipts on exchanges per week..
Investment companies account for only 4% of active traders, and account for 39,000 transfers per week. However, they are the ones who control the market liquidity. These investors account for 85% of the total dollar value of bitcoins.
Who holds the virtual gold
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According to the report, 60% of “unlost bitcoin” is concentrated in the hands of virtual service providers, which include cryptocurrency exchanges..
“On average, in 2020, 1.8 million bitcoins worth $ 14.4 billion are transferred per week. 40% of this volume occurs directly between exchanges during the week, and 43% of bitcoins pass through intermediate addresses between VASPs, mainly between exchanges, ”the report says. The largest Bitcoin holdings are concentrated on four exchanges – Binance, Bitfinex, Coinbase and Huobi.
The Chainalysis company also estimated the intensity of trade, that is, the indicator of the ratio of real trades to fake ones. Based on these results, Binance is leading with an average trade intensity of 14 since 2018. Again, this means that every bitcoin deposited with Binance during this period is traded on average 14 times on Binance. Huobi is next in the study group with 8 trading intensity, followed by Coinbase with 3 and Gemini with 1.
Experts identify several factors that can influence the increase in trading intensity. One of them is the increase in the number of other cryptocurrencies with which Bitcoin can be traded on the exchange. The greater the number of such tokens, the more bitcoin will be traded. However, experts say that low trading intensity indicators indicate that holders are keeping bitcoin as a long-term investment..
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