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How concentrated are bitcoin and ethereum chips? Look at the whale chip distribution

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The number of bitcoins' orca addresses fell to 11 percent from 33 percent of the peak, while ethereum's orca addresses fell to 40 percent from around 60 percent.

According to BlockBeats, CoinMetrics released its latest report, which analyzed the addresses of bitcoin and ethereum, and provided the latest chip map. According to the report, the number of addresses for bitcoin's top whales has fallen from 33% at its peak in February 2011 to 11% now. The number of ethereum whale addresses has fallen to 40 percent from a peak of about 60 percent in July 2016.

According to the report, the percentage of bitcoins held at orcas addresses -- at least one thousandth of the total supply -- peaked at 33 percent in February 2011 and had fallen to 11 percent by February this year. By contrast, the proportion of small addresses with balances of one millionth or less of BTC's total supply has been rising steadily since 2011.

Large address holdings fell sharply during bitcoin's surge in late 2011 and early 2013. In addition, a drop in large address holdings in December 2018 May have been caused by Coinbase redistributing its cold wallet.

Unlike bitcoin, ethereum was originally crowdfunded to distribute ETH. ETH began with a highly concentrated supply, but gradually became more fragmented over time.

The percentage of large addresses (at least 1/1k of the total supply) peaked at about 60% in July 2016. As the ICO bubble burst in late 2017 and early 2018, the number held by these large addresses declined significantly. As of February 2020, these large address holdings account for approximately 40% of the total ETH supply.

The percentage of small address holdings (1/100k or less of the total supply) has been growing steadily.

The report says the increase in BTC asset allocation is a positive sign that individual users are increasingly starting to use it.

Source:https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-2d3