So to me the number makes a lot of sense for a few reasons:
1). 90%+ coins have already been mined. In previous cycles, many mining operations were smaller and more decentralized. Most ended up having to sell btc during bear markets, so the distribution shouldn’t favor miners too drastically, besides top 1%.
2). Bitcoin until at least the 2021 cycle was a non- institutional game for the most part, so it would make sense for individuals to have more. Unless an institution started in 2017 or earlier, it would be difficult for them to accumulate too much unless they employed a Michael Saylor type strategy, which is rare.
