Only 37 percent of Bitcoin (BTC) addresses in its network are “economically relevant,” according to a report released by research firm Chainalysis on Dec. 19.

To date the Bitcoin blockchain forms a network of 460 million addresses, which can send and receive the coin, per Chainalysis. An individual or a legal entity can have any number of Bitcoin addresses.

Economically relevant addresses are controlled by individuals or services who currently own Bitcoin, and constitute only 37 percent — or 172 million addresses, — while only 27 million of these actually hold the cryptocurrency.

Chainalysis identified that out of the mentioned above 37 percent of addresses, 86 percent — or 147 million — are owned by a named service like an exchange or darknet market. As further stated, just 20 percent of Bitcoin transaction value is an economic transfer. The remaining 80 percent is purportedly “returned as change.”