Number of Bitcoin wallets with at least 1 BTC has surpassed 1 million
Bitcoin has reached an all-time high, showing that a sizable portion of Bitcoin investors are using long-term investing strategies.
Bitcoin wallets holding 1 BTC or more reach 1 million
Highlights
- 1,000,000 Bitcoin wallets containing at least 1 BTC
- Bitcoin is predicted to reach a price of $35,000
- Rise of ‘wholecoiners’ is another exciting development in the Bitcoin world
For the first time in the history of Bitcoin, on 13 May, 2023, the total number of wallet addresses holding at least one whole BTC token reached one million.
According to data from Glassnode, the world's leading blockchain data platform, the gradual increase in the amount of so-called ‘wholecoiner’ Bitcoin wallets, which began in 2022 after a downturn in 2020 and 2021, is accompanied by a surge in wallets holding at least 0.1 and 0.01 BTC.
The number of wallet addresses holding one or more Bitcoins increased as the price of Bitcoin dropped more than 65% over the course of last year. The greatest number of increases occurred during a severe market crash in June and starting on 11 November 2022, when FTX collapsed and then filed for bankruptcy.
Also read
Wholecoiners are on the rise: 1M addresses currently hold all of BTC
The rise of 'wholecoiners'—Bitcoin addresses that have at least one whole Bitcoin (BTC)—is another exciting phenomenon in the Bitcoin world. Data from cryptocurrency analytics service CoinGlass shows that out of the nearly 19 million Bitcoins now in circulation, 1.89 million of BTC worth $50.7 billion, are stored on significant centralised exchanges like Binance and Coinbase.
Since early February 2022, when the price of Bitcoin began to decline from its peak in November 2021, a remarkable 190,000 or so ‘wholecoiners’ have been added.
Moreover, according to estimates from Glassnode, 3 million BTC — worth $80.4 billion and representing 17% of the total circulating supply — are ‘lost forever.’ The company derived this figure from data including BTC sent to ‘burn addresses,’ wallets with lost keys, and sizable accounts that have been inactive for more than a decade.
However, several market watchers noticed that the majority of recent Bitcoin transactions originate from smaller wallets, despite the high number of holders.
Rodgers, Head of Research at ETC Group, stated that, ‘during the last peak in 2019, most Bitcoin transactions shifted towards larger transactions, in the range of $1,000 to $10,000. This indicates that the majority of Bitcoin users were trading on the blockchain.’
