Nearly 11,000 entities account for about 55% of Bitcoin’s on-chain volume.

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More than half of Bitcoin’s on-chain volume is accounted for by about 11,000 entities, according to researchers.

According to a report published on Oct. 21 by the National Bureau of Economic Research (NBER), 11,043 on-chain businesses account for 55% of Bitcoin network volume.

Three quarters of on-chain volume is anticipated to be accounted for by cryptocurrency exchanges.

The top 1,000 greatest investors own nearly 3 million BTC, or 15.9% of all circulating Bitcoin, according to the research, while the next 9,000 largest investors own roughly 2 million BTC, or 10.6% of all circulating Bitcoin.

Despite the influx of new investors attracted by BTC’s bull market in 2021, the report’s authors conclude that the network remains highly centralised, stating: “The Bitcoin ecosystem is still dominated by large and concentrated players, be it large miners, Bitcoin holders or exchanges.”

However, the study also noted that individual Bitcoin holders currently represent 8.5 million BTC or 45.1% of supply.

Story by : Norvisi Mawunyegah