The latest cryptocurrency news bring out an interesting fact – that nearly $10 billion of the entire circulating supply of Bitcoin (BTC) is held on eight crypto exchanges and their corresponding user wallets. What’s interesting is the fact that at press time, this accounts for almost 7% of the entire circulating supply of Bitcoin (BTC), as the Twitter account ‘The Token Analyst’ noted.
On October 8, this user took to Twitter and said that throughout Bitcoin’s history, the amount of the world’s most popular cryptocurrency and its coins on the exchanges has consistently been increasing.
Exchanges are the biggest #HODLers 💼
6.7% (~$9.8B) of all #BTC in circulation is currently held on exchange wallets
Through price rallies & crashes, we see that the stockpile of $BTC on exchange wallets has consistently been increasing.
More info – https://t.co/mZE95eHagc pic.twitter.com/saWWLmJKNT— TokenAnalyst (@thetokenanalyst) October 8, 2019
For those of you who follow our Bitcoin price news, you should know that this Twitter account provides real-time and historical blockchain data which is estimated to around 1.2 million coins – all of which are currently held in the wallets of eight crypto exchanges. The Token Analyst has described them as “the biggest HODLers” on the market.
Another accompanying graph shows that Huobi Group is leading this herd of crypto exchanges and has the most amount of BTC in its wallets. After Huobi, Binance and BitMEX are battling for the second place with similar amounts of BTC held on their wallets.
The Bitcoin birthday party is coming on December 18, when Bitcoin is about to make a decade of existence (10 years) and mark a new era. So far, the dominant cryptocurrency has been going up and down but to date, it has exploded in terms of growth. In July 2010, for example, one BTC was approximately $0.08 USD, and today the price of Bitcoin is fluctuating around the $8,200 margin.
According to one BitcoinTalk member who coined the term “HODL” almost six years ago, there are more and more HODLers which are known as users that are not selling their digital assets in times of FUD. After he mispelled the word “hold” and wrote “hodl,” he posted a rant which indicated a new term in the world of cryptocurrency trading.
Meanwhile, today’s value of Bitcoin is around $8,200. Knowing that eight crypto exchanges are accounting for less than a tenth of its value, it is wise to consider that the upcoming days are most likely going to be a bearish period for the crypto space.
Growth Of BTC Millionaires Now Matches The Early Years: Report
“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network.”
Source: charts.woobull.comWoo was expanding on his original data from blockchain analysis resource Glassnode. According to him, the fresh desire for major Bitcoin balances at vastly higher prices than five years ago tells that wealthier individuals coming into the space.If the generating addresses with over 1,000 BTC at the time were doing so out of technical curiosity, the incentives in 2019 are purely financial. Willy Woo talked about this in his growth of BTC millionaires report and summarized:
“IMO we're likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech savvy who were bootstrapping the network. Super Bullish.”Meanwhile, the crypto news show that the trajectory of balances topping 1,000 BTC picked up at the start of 2019 after a period of flat growth which started in late 2013 prior to the implosion of the major exchange Mt. Gox.As many news sites reported last month, the number of addresses containing more than $100,000 has also hit a new all-time high. At press time, around 3,070 addresses hold more than 1,000 BTC each, representing around 0.01% of the total, according to the BitInfoCharts' Bitcoin Rich List.What's also important is that many of the richest addresses - specifically the top four - belong to exchanges such as Binance which are holding Bitcoins belonging to millions of users.Besides the growth of BTC millionaires, the situation on the market remains the same - and the total market cap is nearing $225 billion.
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Brian Kelly Believes The Market “Needs A Bitcoin ETF” RIght Now
“You have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”Brian Kelly also pointed out to the fact that the United States Commodity Futures Trading Commission (CFTC) decided to define Ethereum as a commodity and how this made a significant impact on the space.
“The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. [...] That opens the door for institutions to come in. [...] Everybody is concerned, what if they ban it? [...] The CFTC said ‘we’re not banning it yet, we’re gonna regulate it,’ and now investors can say ‘Put them in my commodity bucket.’”In May this year, Brian Kelly also said that the upcoming supply cut - which was brought by the next halving of the block reward - is what Bitcoin needs to rise further in the coming months. As we reported on October 9, the US SEC rejected Bitwise Asset Management and its proposal to list a Bitcoin ETF.Meanwhile, the Bitcoin news updates show that BTC is still vulnerable in the $8,000 region and trades at $8,350 today with a downward momentum. Meanwhile, there are altcoins surging such as Binance Coin (BNB) and Bitcoin SV (BSV). The market is not in a good position and things may change soon, but there must be a coin that will trigger a new bullish run.
Bitcoin Is No Longer Seen As The Driving Force Of The Current Market
“Now that Bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move,” said Selbert. “Bitcoin is part of the financial landscape in a very intertwined and mature way.”As it stands, Bitcoin is trading at $8,346 and the latest crypto news bring a mix of reds and greens on the marketplace. The 24 hour trading volume is stable at $46 billion and the dominance of Bitcoin has fallen to 66.8% - another sign that Bitcoin is no longer dominant in every single way.Among the tokens which are rising today we have Bitcoin SV (BSV) which managed to grow by 4.43% reaching $89.21 - and Binance Coin (BNB) which surged by 2.53% to a price of $17.46. The biggest loser, on the other hand, remains Chainlink (LINK) with its price of $2.54 following a 5.36% decline.
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