Data: 2,155 addresses hold 7.79 million BTC, accounting for 42.26% of the total BTC

Last week, Grayscale announced on Twitter that it had updated the weights of its diversified digital funds. Between March 31 and June 30, the Grayscale Trust’s Bitcoin weight increased by 0.5% and Ethereum’s weight increased by 2.1%. After the adjustment, Bitcoin’s weight was 81.5% and Ethereum’s weight was 11.7%. At the same time, the weights of XRP, BCH and LTC were reduced by 1.4%, 0.8% and 0.4% respectively. Grayscale manages more than $4 billion in cryptocurrency assets. It must be emphasized that the amount of funds flowing into Grayscale Trust in the first half of this year far exceeded the total investment from 2013 to 2019.

Data source: Twitter

Grayscale has locked up 386,500 BTC in circulation in the form of Bitcoin Trust, which has brought incremental funds on the one hand, and made the market chips more concentrated on the other. The market situation and the concentration of chips are inextricably linked. Recently, there has been a rumor that the top three addresses on the Bitcoin address rich list are ordinary addresses. I checked online and found that the addresses are not correct at all. Most of the top three and even the top ten addresses are not ordinary addresses, but cold wallet addresses of exchanges.

Data source: bitinfochart

However, the data from the rich list is not very useful for judging the market, and the distribution range of the number of Bitcoin addresses holding coins has a certain impact on the market. According to the figure below, there are currently 2,155 addresses holding more than 1,000 Bitcoins. The number of Bitcoins they hold is nearly 7.79 million, accounting for 42.26% of the total number of Bitcoins. This is the dominant force affecting the market.

Data source: bitinfochart

Last night, the US stock market opened with a thriving market. The Nasdaq index jumped higher and hit a new record high. The S&P 500 index was also challenging its previous high, and BTC was slightly lifted. This morning, the Nasdaq index filled the gap and closed down 2.13%, and the S&P 500 index closed down 0.94%. BTC also fell under the influence of the US stock market, falling to a low of $9,193.

Back to the technical market of BTC, if we analyze it from a technical perspective, Bitcoin has not yet stepped out of the shock range, and the market should continue to fluctuate. The price of BTC has returned to the key position of choosing a direction. The overall sideways pattern is about to end, and the downward momentum is insufficient. However, the U.S. stock market is expected to pull back, and there is also the possibility of a collapse of BTC. Focus on the trend of the U.S. stock market.

Data source: Tradingview

The mainstream currency should focus on ETH in the medium and long term. After all, Grayscale has laid a good foundation in the past. Litecoin, Ripple, and BCH, these trends are not strong, so we will not participate. Small currencies are rising crazily, and the risks of intervention at this stage are greater than the opportunities.