The Bitcoin market has always been clamoring for decentralization, and I always feel that decentralization is a great scream, as if decentralization has solved all problems, as if Bitcoin is decentralized.
Relatively speaking, Bitcoin is decentralized, but the mining machines, miners, and mining pools are basically not very scattered. If Sichuan’s electricity fails, more than half of the world’s Bitcoin computing power will be affected, but today What I want to say is not this, but a reflection caused by a news report.
According to data from Bitcoin Treasuries, there are currently 23 institutions that hold more than $50 million in bitcoin, and the total holdings of these institutions total 888,864 bitcoins. The proportion of the total number of bitcoins is 4.8%
8.889 million BTCs are quite a lot, but they are only the tip of the iceberg of large Bitcoin players or institutions. The total number of Bitcoins is currently 18.5 million.
The number accounts for 4.8% of the total number of bitcoins, which is far from the positioning of the “bookmaker”. The Winklevoss brothers, Tim Drapper, early participants in China, the founder teams of major exchanges, and invisible big miners all have more than this number of bitcoins in their hands, but the big players and institutions all over the world Position holders are enough as the “main force” of Bitcoin. Bitcoin is an investment subject with a mixed structure.
Back to the topic of this article, what is the structure of the mixed house?
Let’s talk about them one by one.
Duchuang:
The bargaining chips are very concentrated, and only one person or organization can complete the pull and hits. For example, for some small project parties, more than 50%, or even 90% of the chips are concentrated in the hands of the project party, which makes it very easy to control the currency price. So only small projects have one line coming and one line going down (fishing line).
Mixed estate:
The bargaining chips are relatively scattered, and three or more institutions hold a relatively high percentage (such as 10%+) of the bargaining chips. Basically, even if they are mixed houses, the mixed house structure is common in the stock market, and most of the A-share markets you can access Stocks (perhaps) are all considered mixed structure. Mature financial markets are mixed. The mixed structure of Bitcoin has also been formed. Retail investors cannot promote the overall rapid rise or fall of Bitcoin prices. The main funds are in the hands of mixed dealers. This is the reason why the rate of increase and decrease of doubling or 30%+ decreases in one day. Of course, if 30% fluctuates tomorrow, it means that the structure of the mixed house is not mature enough, or there are some large enterprises or institutions with financial operation experience Not enough-rich and operating experience are two different things.
No villager:
In a complete retail market, there is no major capital, and the chips are relatively evenly distributed. There will be skyrocketing.
Of course, there are also “institutional villages” in the market. Institutions are the main source of funds. This is a concept that is opposed to individual villages. Institutional villages can be single estates (one organization) or mixed estates (multiple organizations), and the above classification standards different. Bitcoin can be considered a mixed dealer and an institutional dealer.
Many people question the existence of bookmakers and think it is a conspiracy theory. This is a fact. Those who don’t like the word bookmakers can be replaced by “main funds”, which actually means the same thing. The logical explanation is this. The market value of an investment target can get bigger and bigger because more and more people are optimistic about it, and then some people with strong financial resources will become the main force with more and more chips, or It is called a big household. As the market value grows, these chips will increase and decrease. Someone will take it. For example, 7 years ago, a billion dollars came in to buy bitcoins, and the current 100 million dollars to buy bitcoins, the amount of coins bought is very different, even if you consider Not even inflation. Three years ago, I felt that it was already a super large investor with 100 million US dollars to invest in Bitcoin. Now Grayscale easily buys billions of dollars, and it is still increasing positions, and Grayscale is not a big institution in front of some large institutions. . Bitcoin whales (big households) will always exist, but they will be called Zhao Qian Sun Li last year, peter and steven this year, and Antonio and Slovic next year. The main force is still there, the mixed house structure is still there, but a group of people have been changed, retail investors are changing, and the dealers are also shuffling.
It is not surprising that Bitcoin has risen recently. A mixed-bank structure has been formed. Bitcoin’s market value has entered a relatively stable development period. It is strange if there is a fluctuation of more than 30% a day. Mature markets attract larger funds, and larger funds drive greater market value. Bitcoin’s positive upward spiral has formed.
