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Addresses do not necessarily correspond to people or institutions. Those 4% of addresses could represent any number of holders. The other 96% of addresses could be someone's buggy script gone wild.

If you compared apples to apples, then, instead of people "all legal entities", aka corporations and sovereigns, would your analysis hold up?

And the top 1% of the American population controls around 40% of the wealth. In accordance with the power law, the top 20% of the population owned 86% of the country's wealth.

Still doesn't seem like a pipe dream.

Wealth, not money.

Money is heavily regulated.

Crypto are not.

That's circular logic. Wealth is equivalent to money.

Not really, the vast majority of wealth isn't in the form of money (cash or direct debt), it's in the form of ownership of non-money assets such as real estate and productive companies.