55% of Bitcoin sits in multimillion dollar wallets

Over half the Bitcoin supply sits in wallets holding over 200 coins ($1.25 million), indicating faith among major bagholders remains, new research released September 17 suggests.
55% of Bitcoin sits in multimillion dollar wallets

The data, compiled by cryptocurrency market research newsletter Diar in its latest weekly edition, echoes similar findings from industry researchers appearing throughout 2018.

Despite Bitcoin price $6446.49 +0.23% trending towards $6000 once again this week, there is little trace of panic selling, Diar noting largescale investors continue to show “very strong resolve.”

“Long-term investors are keeping the faith in the king of cryptocurrencies despite the bears market in 2018,” the newsletter comments.

…Over 87% of Bitcoins are stored in wallets that are above 10 Bitcoins ($60K+) – the total value just shy of $100 (billion) of the total market capitalization. These coins sit in only 0.7% of all Bitcoin addresses.

Included in the figures, the publication adds, are the huge wallets maintained by major exchanges keeping funds on behalf of users and not just private wallets.

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