Retail Investors Increase Their Share of Bitcoin Ownership as Crypto Whales Reduce Theirs
Date: 2023-09-23 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
In the world of cryptocurrencies, an interesting event is taking place that could change the market dynamics. According to a new study by Santiment, retail investors, owners of Bitcoin wallets with less than 100 BTC, have increased their share of Bitcoin ownership to 41.1%. This growth indicates that Bitcoin is becoming an increasingly attractive asset for small players in the market.
Reduction in the Share of Whales
While retail investors are actively increasing their share of Bitcoin, crypto whales, those holding between 100 and 100,000 BTC, seem to be relinquishing their positions. Santiment's research showed that the share of crypto whales in Bitcoin's supply has dropped to 55.5%, reaching its lowest level since May. This could suggest that Bitcoin is becoming less popular among large investors.
Bitcoin Exodus from Exchanges
Interestingly, the amount of Bitcoin held on cryptocurrency exchanges is decreasing. Since the beginning of July 2021, the outflow of Bitcoin from exchanges has been steadily declining. According to the latest data, just over two million BTC remains on exchanges. This trend may indicate that more investors prefer to store their assets in private wallets, possibly due to their long-term bullish sentiments.
Bitcoin Distribution Across Exchanges
Using the analytical tool CoinGlass, we can examine the distribution of Bitcoin across major centralized exchanges in more detail. According to the ranking, Binance holds the leading position with over 543,892 BTC. However, it's worth noting that Binance has seen an outflow of 15,597 BTC in the last month, which may indicate a growing preference for self-custody of cryptocurrencies.
In the second place in the ranking is Coinbase Pro with 436,235 BTC, but it has also experienced an outflow of 210 BTC in the recent period. Bitfinex, with 368,856 BTC, saw an outflow of 5,183 BTC. However, OKX stands out among the others. Over the last 30 days, it has shown an inflow of 4,642 BTC, which could indicate growing interest from new traders or investors in this platform.
