Evolution Trend of Bitcoin Holder Structure
On-chain data shows:
Whales (holding 1000+ BTC): The proportion decreased from 50% in 2017 to 35% in 2024;
Institutional Holdings: Over 1.5 million coins held through ETFs/Grayscale (January 2024 data);
Long-term Holders: Nearly 60% of the supply has not moved in over a year.
Decentralization has increased, but institutional involvement may change the price volatility pattern.
