The turnover of the bitcoin cryptocurrency in the blockchain network is not as decentralized as it might seem at first glance
The concentration of bitcoin in the hands of large whales increased against the background of a rally, which raised the price of the cryptocurrency to $18,300. This is the conclusion of the specialists of the research firm Flipside Crypto. In an interview with Bloomberg, Eric Stone, head of Data Science at Flipside Crypto, stated that as the value of Bitcoin rises, so does the centralization of capital on the blockchain network.
“The bottom line is that, given the recent sharp rise in prices, the concentration in the hands of the largest wallets has also increased,” Stone said.
The firm estimates that on the bitcoin blockchain network, only two percent of whales still hold more than 95% of all BTC in circulation.