Analysis report check the latest chip distribution of major currencies

Compilation: Shallot Blockchain

Source: coinmetrics

Editor's Note: This article has been deleted without altering the author's original intention.

The latest Coin Metrics report analyzes the holding addresses of mainstream currencies such as Bitcoin, Ethereum, Litecoin, etc., and gives the latest chip distribution map.

Bitcoin

Bitcoin was initially held by several people, and over time, it was gradually assigned to millions of different addresses.

The Bitcoin whale address (the holding amount of which accounts for at least one-thousandth of the total supply) held a proportion of total holdings of 33% in February 2011. As of February this year, The figure has fallen to 11%. On the contrary, since 2011, the proportion of small addresses with a balance of one ten millionth or less of the total BTC supply has been steadily increasing.

During the sharp increase in Bitcoin from the end of 2011 to the beginning of 2013, large-scale address currency holdings experienced a significant decline. In addition, a decline in the holding of large-scale addresses in December 2018 may be caused by Coinbase's redistribution of its cold wallet.

Source: Coin Metrics Network Data Pro

Ethereum

Unlike Bitcoin, Ethereum originally distributed ETH as a crowdfunding method. ETH's initial supply was highly concentrated, but gradually became more decentralized over time.

The percentage of large household addresses (at least 1 / 1K of the total supply) reached a peak of about 60% in July 2016. As the ICO bubble burst from the end of 2017 to the beginning of 2018, the number of these large addresses held a significant decline. Until February 2020, these large addresses will hold about 40% of the total ETH supply.

The percentage of small addresses with a small number of holdings (1 / 100K and below) has been steadily increasing.

Source: Coin Metrics Network Data Pro

Litecoin

For the entire 2013 before the price spike in December 2013, and for the entire 2017 two periods before the price spike in January 2018, the address of a large Litecoin LTC (at least 1 / 1K of total supply) There have been several declines in currency holdings.

Interestingly, compared to the 11% share held by the Bitcoin whale address, the Litecoin whale address still holds nearly 46% of the supply.

Source: Coin Metrics Network Data Pro

BCH and BSV

BCH inherited the distribution of Bitcoin's chips when Bitcoin was forked, but unlike Bitcoin, over time, BCH's large-scale address holdings have become more concentrated.

In August 2017, when the BTC fork, about 14% of BCH supply was held by large addresses (at least 1 / 1K of the total supply). As of February 2020, large addresses held about 29% of BCH .

Source: Coin Metrics Network Data Pro

The proportion of large addresses holding 1 / 1K of BSV supply has been relatively flat, except for the two big changes in February 2019 and the sudden increase in June 2019. In August 2018, when BSV forked from BTC, these large addresses accounted for approximately 26% of BSV supply. As of February 2020, they hold about 24%.

Source: Coin Metrics Network Data Pro

Ripple and Stellar

Both Ripple and Stellar are account-based chains, and both have an official foundation that holds a large supply. About 85% of XRP's supply is held by large addresses (at least 1 / 1K of the total supply).

95% of the XLM supply is held by large addresses (at least 1 / 1K of the total supply). This is mainly because the Stellar Development Foundation (SDF) owns more than half of the XLM supply and it currently owns 29.4B XLM. In addition, SDF recently destroyed 50% of the total XLM, bringing the total supply down to 50B. These destroyed XLMs are still displayed on the chain because they were sent to a destroyed address and therefore counted as part of the supply allocation.

Source: Coin Metrics Network Data Pro

Tether

Tether is the largest stablecoin, and it has issued tokens on multiple blockchains. For this analysis, check USDT-Omni and USDT-ETH versions respectively.

The initial concentration of these three versions of Tether is 100%. Over time, USDT-Omni and USDT-ETH have become more and more decentralized. This could be a signal that they are being used as a medium of exchange, which would explain why supply flows from addresses holding large balances to addresses holding smaller balances.

It is worth noting that the distribution trend of USDT-Omni began to reverse and become more concentrated before the broad market price bubble in January 2018.

Source: Coin Metrics Network Data Pro

From this analysis, the increase in asset allocations such as BTC and Tether is a positive signal that these assets may be in actual use and individual users are increasingly using these coins.