A recent analysis by Sani, co-founder of Time Chain Index, has revealed that fewer than 20,000 Bitcoin addresses control over 60% of the cryptocurrency's supply. The study, based on data from September 26, identified 18,695 whale addresses holding this significant portion of Bitcoin. Additionally, 271,883 pooled addresses, managed by entities such as exchanges and ETF providers, account for nearly 44% of the supply. The analysis also suggests that the Bitcoin network likely comprises around 3.9 million active users after excluding dust and custodial addresses. Sani cautioned that the raw count of addresses can overestimate the number of actual users due to the presence of pooled and inactive addresses.