Whales hold ONLY 25% of all Bitcoin in Circulation

Omitting the 1 million Bitcoin controlled by Satoshi (considered lost), only 25 percent of all BTC in circulation is under the control of Whales—including public companies like MicroStrategy and Square.

In an updated chart, Willy Woo, an on-chain analyst, describes whales as individuals or organizations controlling BTC addresses with over 1,000 BTC. Most of these wallets are early adopters—most of whom are HODLers and believers of the technology—and well-oiled public companies with direct exposure to Bitcoin.

With the rise of Bitcoin and crypto prices, most companies licensed in the U.S. have been dollar-cost averaging, getting direct exposure to Bitcoin. Thus far, Michael Saylor's MicroStrategy—NASDAQ-listed business intelligence company—is the largest HODLEr of Bitcoin. On August 11, MicroStrategy officially adopted Bitcoin as their primary treasury reserve asset. Other notable Bitcoin holders include Square and Mode Banking of the U.K.

From the on-chain data, roughly 14 percent of all BTC in circulation is in the hands of 'minnows.' 

These are addresses in control of less than 10 BTC--most of whom are ordinary retailers keen on being part of the whole. They are primarily traders or small-time HODLers, reaping the benefits of capital gains.