Small Hodler continuously accumulates Bitcoin and increases its ownership to nearly 14% of the total BTC supply
Data from bitinfocharts shows that the third largest crypto whale has added another 321 bitcoins to its holdings.
The total balance in the whale’s BTC wallet (1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ) is currently 111,794.59 bitcoins with an average price of $ 41,673. Right now whales have a net worth of $ 4.75 billion.
Other data from the BTC Analytics website shows that the third largest wallet’s current holdings represent 0.5939% of the total Bitcoin supply. The wallet recorded 446 inbound and 54 outbound transactions.
Additionally, the wallet has $ 2,527,773,751 in unrealized profits.
The source: Bitinfocharts
Small Hodler owns 13.9% of the total Bitcoin supply
According to a recent Glassnode tweet, the total holdings of small Bitcoin hodlers are now 14 times higher than that of the aforementioned crypto whale. They continued to rally the top cryptocurrency as it suffered a significant price correction.
Using data from analyst Willy Woo, Glassnode tweeted that Bitcoin addresses with less than 10 BTC balances have amassed bitcoin faster than before since the crypto king moved from its all-time highs.
Currently, these small owners own almost 14% of all Bitcoin supply.
Together they now hold 13.9% of the supply. pic.twitter.com/Ap7X5FdE92
– Glass node (@glassnode) 09/22/2021
As the hashrate of the Bitcoin network continues to recover as global miners amass more capacity, the cryptocurrency is becoming increasingly difficult to mine.
On September 21, the Bitcoin network saw another 3.2% adjustment in mining difficulty, reaching nearly 19 trillion, according to data from BTC.com.
The latest correction represents the fifth consecutive increase in Bitcoin mining difficulty since mid-July, by more than 31% from around 13.7 trillion euros – the lowest level since June 2020.
Despite 5 positive corrections in a row, the current difficulty of Bitcoin mining is still far from the all-time high of over 25 trillion that was recorded in May 2021.
The last 10 adjustments to Bitcoin’s mining difficulty level. Source: BTC.com
$ 100,000 goal for Bitcoin
Mike McGlone, commodities strategist at Bloomberg, claims Bitcoin could hit $ 100,000 later this year despite the massive correction due to the financial troubles of Chinese real estate giant Evergrande Group.
McGlone says he underestimates the number of investors (including institutions) who have moved their funds from the traditional safe haven of gold to Bitcoin and Ethereum.
Since gold has unlimited potential and Bitcoin is only 21 million (more than 18 million coins have been mined), Bitcoin is still attracting more and more investors who used to bet on gold.
According to McGlone, gold is down 7% this year, Bitcoin is down almost 70% and Ethereum is down almost 400%.
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