Clustering in Bitcoin balance

This study investigates clustering in Bitcoin wallet balances by examining the Bitcoin rich list. We discover significant clustering in both integer and fractional parts of balances, particularly at 00. Using probit models, we find that wallet age, number of transactions, and balance significantly impact clustering, with balance being the most influential factor. Our findings suggest that economic and behavioral factors may drive Bitcoin wallet holders' preferences, contributing to the observed clustering. This study offers valuable insights into the behavior of Bitcoin users and sets the stage for further investigation in this area.