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  • XRP on the edge: from 15% slump to supply shock — is a $12 breakout next?

    XRP on the edge: from 15% slump to supply shock — is a $12 breakout next?

    XRP on the edge

    • Recently, XRP dropped 15% as Bitcoin slipped just 1%, showing amplified volatility.
    • XRP ETF delays and $8.13M in liquidations deepened XRP’s monthly decline.
    • Analysts see XRP rebounding toward $5–$12 if ETF-driven supply shock hits.

    XRP price has become the focal point of heated debate after the token slid roughly 15% over the past month while the Bitcoin price barely moved.

    Market commentators and analysts are asking why XRP would suffer such a steep pullback when the broader market appeared comparatively steady.

    The answer, they say, lies in correlation dynamics, liquidations, regulatory lag and nascent institutional activity.

    The sharp divergence with Bitcoin

    In October, both Bitcoin and XRP rallied, with Bitcoin staying above the six-figure levels and XRP flirting with the $3 mark.

    Profit-taking followed quickly, and altcoins absorbed most of the pain.

    Traders who had piled into XRP were hit especially hard; one stretch of trading erased about $8.13 million of leveraged positions within four hours.

    That sequence amplified losses and sent XRP below the $2.50 support level it had failed to hold after the upswing.

    Charles Gasparino, a senior correspondent known for market coverage, spotlighted the paradox: Bitcoin fell only about 1% over the month, yet XRP plunged around 15%.

    The contrast underscores a structural reality where XRP has historically tracked Bitcoin’s moves but with greater intensity.

    When BTC stumbles or consolidates, that sensitivity can turn into outsized downside for XRP.

    XRP price and the ETF supply shock

    Beyond short-term mechanics, a longer-term narrative is reshaping investor expectations.

    Analyst Zach Rector has argued that the launch of multiple spot XRP exchange-traded funds and similar institutional vehicles could effectively remove a substantial portion of circulating supply from the market.

    According to Rector, that “supply shock,” Rector says, would create the conditions for a dramatic price re-rating, with conservative models pointing to targets ranging from $5 up to double-digit territory — even as high as $12 by December 2025.

    The regulatory backdrop also matters. Bitcoin and Ethereum have benefited from cleared paths to ETF adoption that flooded both markets with fresh capital.

    XRP, by contrast, still faces an unresolved approval picture for spot ETFs in many jurisdictions.

    That delay has likely depressed demand from risk-averse institutional buyers and made the token more sensitive to retail flows and sentiment shifts.

    At the same time, data points show growing institutional interest via derivatives: CME-listed XRP and Micro XRP futures have recorded substantial contract volumes over recent months, a sign that professional desks are increasingly engaging the token.

    XRP price analysis

    From a technical analysis standpoint, the $2.30 area acted as a concrete support during mid-month liquidations, and the bounce to around $2.50 suggests buyers remain interested at those prices.

    XRP price analysis
    Source: CoinMarketCap

    A sustained break above $3.40 would, in many analysts’ views, open a path toward $5.5, and if ETF-driven supply lockups occur, upside to substantially higher levels becomes plausible.

    On-chain signals constructively complicate the picture.

    The XRP Ledger is approaching a major transaction milestone, nearing 100 million recorded transfers.

    That activity signals ongoing utility and adoption within payments and DeFi niches where XRP has carved a role.

    Such resilience in on-chain throughput can buttress confidence even when price action looks shaky.

    Assessing the path forward means weighing an array of forces: correlation-driven volatility, liquidation dynamics, regulatory clarity, and institutional adoption through derivatives and potential ETFs.

    Short-term traders must manage the heightened risk that comes with XRP’s amplified moves.

    Long-term investors, on the other hand, should watch ETF developments and on-chain adoption as the main levers that could catalyse the next leg of momentum.

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  • Bitcoin at $1M forecast gains ground as money supply heads for $200 trillion

    Bitcoin at $1M forecast gains ground as money supply heads for $200 trillion

    Bitcoin $1 million forecast gains ground as money supply heads for $200 trillion

    • The ratio of global M2 money supply to Bitcoin in circulation has reached a record level.
    • Only 21 million BTC exist, boosting scarcity appeal.
    • The psychological framing of Bitcoin reaching $500,000—or even $1 million—is now gaining traction in both retail and institutional circles.

    As the world’s money supply expands at an unprecedented pace, a growing number of market participants believe Bitcoin could eventually hit $1 million per coin.

    The belief isn’t based on speculation alone—it stems from hard numbers.

    Central banks are printing more money, governments are spending at record levels, and the global M2 money supply is expected to double from $100 trillion to $200 trillion by 2035.

    With Bitcoin’s supply capped at 21 million, this massive influx of liquidity could create a potent supply-demand imbalance.

    Money supply surge boosts BTC case

    Bitcoin maximalists and macro-focused analysts now frequently cite monetary debasement as a key reason to hold the pioneer cryptocurrency.

    Fred Krueger, a longtime Bitcoin advocate and investor, posted on X that “it will take 1 trillion USD moving into Bitcoin to get to 1 million.”

    He argued that with the global money supply rising rapidly, “zero chance we don’t get there.”

    The scale of monetary expansion is central to this view. Over the last 12 months, global liquidity has surged at one of the fastest rates on record.

    Central banks across the US, UK, Europe, and Asia have continued accommodative policies, with large fiscal deficits becoming the norm.

    These conditions, according to market observers, reduce the purchasing power of fiat currencies and push investors to explore alternatives.

    River, a Bitcoin-focused financial services firm, highlighted that those who held BTC from July 2024 onwards have outperformed against money debasement tenfold.

    This reinforces the narrative of Bitcoin as a hedge against currency dilution and economic instability.

    M2 liquidity per BTC hits record

    The ratio of global M2 money supply to Bitcoin in circulation has reached a record level.

    According to decentralised finance investor Christiaan, there is currently about $5.7 million in global M2 liquidity per single Bitcoin.

    This is the highest ratio in over a decade and is used to illustrate how limited Bitcoin’s supply is compared to the volume of fiat money in the global financial system.

    This ratio, sometimes referred to as the liquidity-to-scarcity index, suggests that even modest capital inflows into Bitcoin—whether from institutional investors or sovereign wealth funds—could drive prices sharply higher.

    Given the fixed 21 million coin limit, with many lost or illiquid, the supply-demand mechanics remain a central argument in favour of long-term price appreciation.

    Retail push and historical trend

    Retail investors are also being targeted with simplified messaging. Davinci Jeremie, a popular Bitcoin influencer, posted a video on social media urging viewers to invest just $1 into Bitcoin.

    His message, “spend a dollar to change your future,” reflects a broader campaign among Bitcoin supporters to increase grassroots participation.

    The psychological framing of Bitcoin reaching $500,000—or even $1 million—is now gaining traction in both retail and institutional circles.

    As inflation fears persist, and as tech stocks become increasingly correlated with macro trends, many see Bitcoin as a standalone asset with unique supply properties.

    While Bitcoin remains volatile in the short term, these macroeconomic dynamics are positioning it as a long-duration hedge.

    The rising M2 supply and systemic debt loads across developed nations continue to lend weight to the idea that digital scarcity may offer long-term protection.

    Historical data also supports the current optimism. Over the past decade, Bitcoin has consistently outpaced fiat currency performance during periods of rapid money printing and inflationary risk.
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  • TRON price forecast as USDT supply surpasses $80 billion

    TRON price forecast as USDT supply surpasses $80 billion

    USDT And TRON Symbols

    • USDT supply on TRON has surpassed $80 billion, accounting for over 50% of circulating USDT.
    • TRX price is currently at $0.27, but could rise to $0.44 in the short term amid bullish momentum. 
    • ETFs, partnerships, and network growth are likely catalysts for TRON price.

    TRON (TRX) price is down on the day, but the blockchain project is making headlines elsewhere as the supply of Tether’s USDT on its blockchain has surpassed $80 billion.

    The native Tron token TRX traded at $0.27 on Friday, June 27, with CoinMarketCap showing the price was down under 1%. Intraday highs for the altcoin range around $0.29, and TRON remains in the top 10 by market cap.

    However, the question might be, what does the USDT milestone mean for TRON’s price?

    USDT supply on TRON hits $80 billion

    As the crypto market eyes gains and stablecoin adoption grows, Glassnode has shared details that reveal a dramatic rise in Tether (USDT) supply on the TRON network.

    Notably, the Tether-issued US dollar-pegged token has surpassed the $80 billion supply mark as of mid-2025.

    This marks a significant leap from earlier years, with the supply growing steadily from negligible amounts in 2020 to over $60 billion by 2024, before accelerating sharply into 2025. As seen in the chart by Glassnode, there’s a steep upward trajectory, reflecting TRON’s increasing role in facilitating stablecoin transactions.

    USDT in circulation currently sits at around $157.4 billion. With more than half of the total circulating USDT at $80 billion is dominance that solidifies TRON’s position as a preferred blockchain for stablecoin settlements, outpacing competitors like Ethereum.

    The network’s efficiency and low transaction costs have likely driven this adoption, with institutional and remittance use cases further fueling demand.

    May 2025 saw a record $684 billion in transfer volume, while 283 million USDT transfers this year highlight explosive user adoption.

    TRON price prediction

    Currently priced at $0.27 with a 24-hour trading volume of $407 million, TRON has shown resilience.

    While price has recently dipped from highs of $0.29, bulls have held above the key support level of $0.20 since early January.

    The surge in USDT supply is a bullish signal, as it boosts network usage and attracts more users to TRON’s ecosystem, including DeFi and payment applications.

    Looking at the price outlook, several catalysts could drive TRX’s price higher.

    The potential launch of TRON-based exchange-traded funds (ETFs) could attract institutional investment, mirroring trends seen with Bitcoin and Ethereum.

    Additionally, strategic partnerships—such as collaborations with major financial institutions or further integration with Tether- might prove huge for TRX.

    Recently, it was announced that Tron is eyeing a public listing via a reverse merger. The deal, which reportedly eyes an IPO with Nasdaq-listed SRM Entertainment, will transform TRON into a treasury company.

    Short-term, TRX might test resistance around $0.30. A breakout above $0.30 will allow bulls to target December 2024 highs above $0.44, which formed TRX’s all-time high. Long term, TRON price will eye a rally to $1.
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  • Aptos price surges as stablecoin supply nears all-time

    Aptos price surges as stablecoin supply nears all-time

    • Aptos price rose to highs of $5.07 as trading volume jumped 189% to over $643 million.
    • Data shows Aptos stablecoin supply nearing $1.2 billion.
    • Aptos Labs and Jump Crypto have introduced Shelby, a decentralized storage protocol, enhancing Aptos’ appeal for web3 applications.

    The Aptos blockchain, a leading Layer-1 platform, has seen its native token, APT, experience a significant price surge. As Bitcoin recovered to above $106k, APT price climbed nearly 17% in the past 24 hours to highs of $5.07. Trading volume increased 189% to $643 million.

    The uptick in APT price coincides with the platform’s stablecoin supply approaching an all-time high of approximately $1.2 billion, reflecting growing adoption and liquidity within the Aptos ecosystem.

    According to industry analysts, the surge in stablecoin supply highlights Apts’ increasing prominence in decentralized finance (DeFi).

    Aptos stablecoin supply nears $1.2 billion

    While overall market sentiment has played a part in Aptos token’s bounce, network related growth appears to a main catalyst.

    Per details shared by Token Terminal, Aptos’ stablecoin supply has grown from $430 million in December 2024 to near the all-time high of $1.2 billion.

    The metric last reached this milestone in May 2025, signaling robust network activity. Leading stablecoins Tether (USDT) and USDC (USDC) have driven this surge in liquidity.

    Notable gains for APT have also come after Wyoming picked Aptos’ blockchain for the state’s WYST stablecoin pilot.

    This momentum suggests potential for further price gains if adoption continues, which also ties in with the latest Aptos related news.

    Meanwhile, the average transaction fee on Aptos has fallen to around $.0.0005.

    Jump Crypto and Aptos Labs to launch Shelby

    Adding to the bullish sentiment, Aptos Labs, in collaboration with Jump Crypto, have announced the upcoming launch of Shelby, a decentralized hot-storage protocol designed for high-frequency web3 workloads.

    Announced on June 24, 2025, Shelby leverages Aptos’ 600ms finality and ultra-low gas fees to offer cloud-speed storage for applications like streaming video, AI pipelines, and DePIN feeds.

    The protocol is chain-agnostic, with planned support for Ethereum and Solana, and has attracted early interest from brands like Metaplex and Story Protocol.

    According to Aptos Labs’ X account, Shelby aims to deliver web2 performance with web3 transparency, positioning Aptos as a leader in scalable infrastructure.

    “Web3 wasn’t meant to run on Web2 infrastructure. Its potential to create value through data has been throttled. That ends now. ShelbyServes is a decentralized hot storage protocol, designed to serve real-time data, and reward it,” Aptos Labs wrote.

    Shelby’s potential to drive cross-chain adoption could be crucial to Aptos, with a developer-focused devnet slated for Q4 2025.
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  • MicroStrategy boosts Bitcoin holdings with $615M purchase, eyes 1% of supply

    MicroStrategy boosts Bitcoin holdings with $615M purchase, eyes 1% of supply

    • MicroStrategy acquires 14,620 BTC for $615.7M, pushing total holdings to 189,150 BTC at $5.9B.
    • CEO Michael Saylor remains bullish on Bitcoin, considering it the world’s most valuable asset class.
    • The company’s proactive crypto strategy aligns with growing institutional interest, eyes 1% of Bitcoin supply.

    MicroStrategy (NASDAQ: MSTR), the business intelligence giant led by CEO Michael Saylor, has reaffirmed its belief in the long-term potential of Bitcoin.

    In a recent disclosure to the Securities and Exchange Commission (SEC), MicroStrategy revealed the acquisition of 14,620 BTC between November 30, 2023, and December 26, 2023. This substantial purchase amounts to $615.7 million, at an average price per Bitcoin of $42,110. 

    The recent purchase comes after the company purchased another 5,445 bitcoins in September 2023.

    MicroStrategy’s total Bitcoin holdings have now reached an impressive 189,150 BTC, acquired at an approximate cost of $5.9 billion. This move places the company on the brink of owning 1% of the total Bitcoin supply. The valuation of MicroStrategy’s Bitcoin holdings represents about 0.7% of the entire market capitalization of the leading digital asset.

    MicroStrategy’s optimism amidst Bitcoin volatility

    Despite recent price fluctuations in the cryptocurrency market, MicroStrategy remains unwavering in its positive outlook on Bitcoin. Michael Saylor, a vocal advocate for Bitcoin, stated that he views the cryptocurrency as the currency of the future. This sentiment is reflected in MicroStrategy’s ongoing strategy of accumulating significant amounts of Bitcoin, seeing it as a strategic part of the company’s treasury reserve.

    MicroStrategy’s proactive approach to cryptocurrency investments also aligns with the broader trend of growing institutional interest in digital assets. As Bitcoin continues to be seen as a valuable hedge against inflation and a store of value, companies like MicroStrategy are capitalizing on opportunities presented by the evolving landscape of the crypto market.

    The business intelligence giant’s recent $615 million Bitcoin purchase reaffirms its position as a major player in the crypto space. The company’s continued confidence in Bitcoin’s future potential is reflected in its strategic accumulation of digital assets, solidifying its standing as a significant holder in the ever-expanding world of cryptocurrencies.

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  • 68% of Bitcoin supply in loss after BTC price drop

    68% of Bitcoin supply in loss after BTC price drop

    • Bitcoin supply in loss has risen to 68%, with 6.67 million BTC under water water at current spot price.
    • Indeed, on-chain data shows 2.71 million BTC has fallen into loss as Bitcoin price dropped from the $31k local top.
    • With sell-side risk ratio approaching its all-time lows, Glassnode analyst James Check says BTC could see a big move to either side.

    Bitcoin’s price has dropped about 14.6% since rejecting at the local top of $30.9k, and the result has been a sharp rise in the total amount of supply in loss.

    The leading cryptocurrency’s current spot price is around $26.4k, after the week was spent in a tight range below the key resistance level of $27.6k. Although Bitcoin retested levels above $28k multiple times this month, the drawdown below $27k has bulls staring at a potential dip to support at $25k or lower.

    But even as this outlook materializes, about 2.71 million BTC has drifted underwater. The BTC supply in loss, according to data shared by on-chain analytics platform Glassnode, is equivalent to about 14% of the benchmark crypto’s circulating supply.

    “This raises the total supply in loss across the aforementioned period from 3.96M to 6.67M BTC, a 68.4% increase,” Glassnode noted.

    $45k or $20k? Analysts weigh in on BTC price movement

    Earlier this week, Glassnode lead analyst James Check said Bitcoin could see a “big move” in coming weeks amid seller exhaustion. Pointing to on-chain-data, Check explained:

    “Bitcoin Sell-side Risk ratio is approaching all-time lows. This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range. This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming.”

    On Wednesday, JPMorgan lead strategist Nikolaos Panigirtzoglou said Bitcoin could rise 25% in the next 12 months. In a note to clients, Panigirtzoglou highlighted the price of gold rallying to a new multi-year high above $2k as the potential lead for BTC to hit $45k.

    According to the analyst, Bitcoin and gold have often traded in sync. Bitcoin’s upcoming halving will also play a role in ticking up prices of the digital asset. Recently, analysts at Standard Chartered predicted a 70% gain for BTC price, outlining the $100k as a target.

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  • Bitcoin supply is dwindling, yet volatility will be the biggest benefactor

    Bitcoin supply is dwindling, yet volatility will be the biggest benefactor

    Key Takeaways

    • Long-term holders are accumulating Bitcoin, with two-thirds of the supply stagnant for over a year
    • Our Head of Research, Dan Ashmore, writes that liquidity on the demand side is also drying up, with order books thin and stablecoins fleeing exchanges
    • This will kick up volatility in the short-term, leaving Bitcoin open to aggressive moves to both the upside and downside
    • Long-term the impact of a dwindling supply is a different discussion, but for now, risk is elevated in the already-risky crypto markets

    A lot is made of the demand for Bitcoin. Are institutions giving up on it following a disastrous 2022 that saw the entire crypto sector go up in flames? Is the market moving back in now that interest rate forecasts have softened following the relentless rate hikes over the past year?

    But rather than the demand, it is the supply of Bitcoin that is often the more intriguing to look at. Famously sporting a fixed cap of 21 million coins, Bitcoin’s supply schedule is coded into the underlying blockchain. This quality has given rise to a million different theories around the future place – and price – of Bitcoin in the world. 

    But there is another interesting analytical angle to Bitcoin: before the anonymous Satoshi Nakamoto launched Bitcoin in 2009, the world never had an asset that provided so much visibility over the supply distribution. The nature of the blockchain is that, while the individual holders are anonymous, the distribution of all coins is available for the world to see at all times. So, let’s have a look. 

    Long-term holders are accumulating Bitcoin

    Central to many Bitcoin bulls’ long-term thesis is the idea that long-term holders will suck up supply, leading to an inexorable price rise. 

    Looking at current holdings, two-thirds of the supply has not moved in a year. That is certainly a large number, and we will get into what that means in the next paragraph. Pushing the timeline further out, over half the supply (53.6%) has been stagnant for over two years, 39.7% has not moved in 3+ years, and 28.6% has been idle for 5 years or longer. 

    What does this mean for price?

    These are large numbers by any stretch. It is impossible to compare them to other asset classes, given that none are trackable on a ledger like the blockchain. Perhaps only commodities such as precious metals can compete with the above numbers, yet that is only speculation. 

    But what does it mean? Is this a bullish sign? Well, yes and no. The immediate conclusion is that less supply means less demand is needed to push the price up, and the cap at 21 million Bitcoins certainly means if that demand keeps rising, the price has nowhere to go but up. 

    However, there are mitigating factors here. The first is the reality that some of the above “long-term holders” are in fact just lost coins, be it through people who have passed away, forgotten about their coins or lost access to their wallets. 

    Bitcoin creator Satoshi Nakamoto is one of those, the mysterious enigma holding approximately 1.1 million bitcoins, equivalent to a mammoth 5.2% of the supply. None of his/her/their coins have moved since they were mined back in the first eighteen months of Bitcoin’s existence. 

    Not to get too tangential, but below is the value of Nakamoto’s holdings over the last 13 years, assuming a stash of 1.1 million Bitcoin from mid-2010. That is a lot of capital that holders must surely hope never floods the market. 

    Volatility to rise with less liquidity 

    Regarding the impact of these large stashes of Bitcoin which are “removed” from circulation, the greatest impact – for now, at least – may be on the volatility rather than price. 

    In the following chart, I have plotted the amount of Bitcoin sitting on exchanges, currently at a 5-year low. 

    Not only is the amount of Bitcoin on exchanges dwindling, but stablecoins are doing the same. Over half of the balance of stablecoins have flooded out of exchanges since December. 

     

    This means liquidity on both the demand and supply side of Bitcoin is thin – and the same conclusion will be reached if an order book is downloaded from an exchange. Liquidity has dried up hugely, especially since FTX went under in November.

    This lack of liquidity only serves to jack up the already sky-high volatility in the Bitcoin market, exacerbating moves to both the upside and the downside. This is part of the reason why volatility recently spiked to its highest level since mid-2022, and also a factor in Bitcoin’s massive run-up this year. 

    By definition, it takes less to move a thin market, and with forecasts around the future path of monetary policy shifting to a more optimistic stance in recent months, Bitcoin has moved up with minimal resistance in its path. 

    While the supply-side dry-up is intriguing in the long-term, looking into that with regard to Bitcoin’s future performance is a different discussion entirely.  In the short-term, capital has fled crypto markets at an unprecedented pace, and we are now in a spot where the market is primed for violent moves in either direction. Like always in crypto, the short-term is difficult to predict, however, and the risk remains extreme – perhaps even more so currently than normal.

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  • Over two-thirds of the Bitcoin supply has not moved in a year

    Over two-thirds of the Bitcoin supply has not moved in a year

    Key Takeaways

    • Long-term holders continue to sit on their Bitcoin stashes
    • Two-thirds of the supply has not changed hands in the last year, despite rampant volatility and a collapse of the Bitcoin price
    • Over half the supply has not moved in 2 years or longer

    “Supply squeeze” is a seductive phrase thrown around among Bitcoin enthusiasts. 

    It refers to the predicted propelling upwards of the Bitcoin supply as a result of the supply cap – there will only ever be 21 million bitcoins – and a constant increase in demand. 

    Whether this comes to fruition remains to be seen. But there does appear to be a growing cohort of Bitcoin investors who are holding. In fact, over two-thirds of the entire supply has not moved in over a year, an all-time high. 

    To be precise, 67.9% of the Bitcoin supply has not moved in over a year. That is extremely high, especially when considering the last year have brought its fair share of scandals, including the respective crashes triggered by LUNA, Celsius and FTX. 

    Combining these scandals with the most rapid monetary tightening in the wider economy, which have seen interest rates rise from near-zero to close to 5%, and the crypto market has been pillaged. 

    Looking at the price action over the last 12 months, Bitcoin has fallen from $41,000 to $15,000 and is now trading at $28,000, with more than its fair share of ups and downs in between. And yet, two-thirds of the supply has been stagnant. 

    Branching further out, over half the supply has now not moved in two years, close to 40% hasn’t moved in three years, while 28% has been stationary for 5 years. 

    Of course, lost coins will be included in all these statistics. Bitcoin has been around since 2009, and that means people have died, and with them access to their coins has vanished. 

    There are also simple cases of lost keys, people still roaming the Earth but with no access to their wallets. Let us not forget that Bitcoin was just a niche Internet plaything not so long ago, trading for less than $1 per coin. 

    Not to mention, Satoshi Nakamoto’s mammoth stash of an estimated 1 million coins, or over 5% of the entire supply, remains untouched and included in the above stats. 

    So make of it what you will, but Bitcoin still remains quite an illiquid market and with a dwindling supply, it is easy to see the narrative pushed by enthusiasts that if demand continues to rise, the price will only go upward. 

    Of course, whether that demand will indeed continue to rise is another question entirely, and a much harder one to answer. 

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  • Whales Currently Hold 45.53% Of The Total DOGE Supply

    Whales Currently Hold 45.53% Of The Total DOGE Supply

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  • Top 10,000 Bitcoin investors control one-third of the supply

    Top 10,000 Bitcoin investors control one-third of the supply

    Key Takeaways

    • Bitcoin is a decentralised asset, yet large amounts are controlled by a select few
    • The top 114 addresses hold nearly 3 million BTC, 15.5% of the total supply
    • The anonymous Satoshi Nakamoto holds 5.2% of the supply
    • MicroStrategy hold 0.68% of the supply

     

    Whether you love or hate Bitcoin, the world’s first cryptocurrency has thrown the word “decentralised” into the modern vernacular.  

    But while Bitcoin is the closest thing to a decentralised asset out there, it is worth noting that it does possess pressure points. Not central points of failure, but rather large holders who do possess significant amounts of the currency. In some cases, enough to cause a serious stir should those coins ever hit the market all at once.

    Satoshi Nakamoto

    The most obvious of the large holders is anonymous founder Satoshi Nakamoto. Whether one person or a group, Nakamoto possesses approximately 1 million bitcoins from the early days. That is equivalent to about 5.2% of the total supply – a very large number.

    Nobody knows who Nakamoto is, but it is certainly a risk to have this amount of coins in the hands of one person/entity.

     Coinbase even listed this factor as a risk to its business on its S-1 form when it went public in April 2021. Under the risk section, the company outlined “the identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins” as a risk to Bitcoin and, by extension, Coinbase’s business. 

    While speculating on Nakamoto’s identity is a fool’s game, and these coins could easily be lost forever, it is easy to see how Coinbase listed this as a risk on its filing. The fact is that one entity or person holds 5.2% of the supply, and nobody has any idea who.

    Bitcoin whales

    Looking beyond Nakamoto, there are plenty of wallets which contain a lot of Bitcoin. One study by the National Bureau of Economic Research outlines that the top 10,000 bitcoin investors control one-third of the total supply.

    That figure is an estimate and is “likely an understatement since we cannot rule out that some of the largest addresses are controlled by the same entity”, according to the study. For example, it doesn’t include the aforementioned 5.2% of coins controlled by Nakamoto, as it cannot be known whether Nakamoto is one individual.  

    Seeing as Bitcoin returned the equivalent of 230% compounded annually between 2011 and 2021, and in doing so outperformed every major financial asset class in the world, perhaps it is not surprising that a small group of early adopters control significant amounts of the supply.

    A $2,000 investment in 2010 would have netted you 10,000 bitcoins, which today is worth over $26 million. The select few who got involved in those early days and held onto their stash today hold significant amounts of the supply.

    Today, only 114 addresses contain 10,000 BTC or more (with exchange addresses likely some of those) and those 114 addresses contain nearly 3 million BTC, or 15.5% of the total supply.

    The below table shows quite how much Bitcoin is locked up in a small number of the top addresses.

    Entities that hold large amounts of Bitcoin

    Branching out from individuals, there are also entities which hold massive amounts of Bitcoin.

    The first to spring to mind is Michael Saylor and MicroStrategy, who own 130,000 bitcoins, 0.68% of the total supply. This is the most by any public company and some fear that should this ever hit the market, then the Bitcoin price may be dented downward, such is the quantity of bitcoins that MicroStrategy hold. 

    While MicroStrategy is the public company which holds the most Bitcoin, the private Chinese company Block.one, which developed the cryptocurrency EOS, owns 140,000 bitcoins. This makes it the largest known holding by any one company. 

    Final thoughts

    It is true that Bitcoin’s unique fundamentals make it a uniquely decentralised asset. The way the proof-of-work mechanism functions and the fact that no insiders started with any coins (even Nakamoto had to mine that stash) have helped make this decentralised quality a reality.

    But despite this decentralisation, there do exist several big holders who hold enough coins that the market could be rocked, at least in the short-term, were anything to ever happen that led to those coins hitting the market.

    The scale of Bitcoin’s rise has been so staggering that some of those early casuals who bought in for pennies are now in possession of monster stacks worth millions upon millions. As for Satoshi Nakamoto’s net worth in November 2021 at the Bitcoin all-time high? A cool $70 billion, good for 15th richest person in the world.

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