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Bitcoin’s $10M Club Controls 9.43% of BTC Supply – A Cause For Concern?
Recent data suggests that over 20,000 Bitcoin addresses now hold more than $10 million each, collectively controlling roughly 9.43% of the entire BTC supply. This staggering figure raises concerns about the decentralization and fairness of the network.
The numbers paint a stark reality: even as retail participation remains muted, a growing number of large holders have been accumulating massive amounts of Bitcoin, indicating a surge in whale activity. Since 2018, this trend has been growing in tandem with BTC’s macro price movements.
However, instead of being isolated to fleeting price euphoria, the $10 million club is accelerating even as retail participation stays muted. This raises red flags about the potential implications for Bitcoin’s original vision and the potential for manipulation.
The data suggests that these massive holders, dubbed “whales,” now collectively control 1.87 million BTC, a staggering figure that highlights the increasing concentration of wealth within the decentralized network.
This growing hierarchy of wealth could lead to a financial system where a small elite drives market trends, effectively creating an oligopoly. While Bitcoin remains permissionless in nature, its dynamics are increasingly shaped by large holders who wield outsized influence over price action.
The concerns don’t stop there. As retail investors hold significantly less sway, it’s unclear whether the network can remain open and accessible to all participants. This trend has far-reaching implications for the very foundation of Bitcoin’s purpose as a decentralized and inclusive currency.
It is clear that this growing wealth concentration raises questions about the true nature of the network.
Source: ambcrypto.com
