According to a new study by the analytical company Chainalysis, today it is used for trading only 3.5 million bitcoins - about 19% of the current offer.
As of June 2020, about 18.6 million BTC was mined, and most of this proposal is stored as a long-term investment.
Approximately 60% of the current offer is keptinvestors who have never sold more than 25% of the received bitcoins. Analysts have classified these bitcoins as "long-term investments." 20% of the current offer did not move for five years or longer - these bitcoins Chainalysis calls “lost”.
The remainder is used for trading - these coins are transferred between cryptocurrency exchanges and determine the market price of bitcoin.
Researchers suggest that coins thatstored as long-term investments, can ultimately become an important source of liquidity in the market, as bitcoin is becoming an increasingly scarce asset.
According to a study, during 2020 about340 thousand people were active bitcoin traders weekly. Chainalysis divides these traders into retail and professional. The company classified as retail traders those who transfer to the exchange bitcoins worth less than $ 10,000 per transaction.
According to this criterion, for retail tradersaccounting for 96% of transfers to exchanges. On the other hand, professional traders control the liquidity of the market, since they account for about 85% of the bitcoins that go to exchanges.
Thus, analysts conclude that professional traders are the most significant market participants during large price movements.
The cryptocurrency exchanges Binance, Huobi, Coinbase and Bitfinex accepted 40% of bitcoins in 2020.
“The next ten top cryptocurrency exchanges received 36%, and hundreds of other small exchanges received 24% of bitcoins”- analysts write.
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