Shocking Milestone: One Million Bitcoin Addresses Now Contain 1 BTC or More!
- One million Bitcoin addresses now hold at least 1 BTC, reflecting a growing interest in crypto and a surge in wholecoiners.
- As Bitcoin has dipped in price, the number of addresses holding at least one BTC has surged.
- While one million marks a new record, one Bitcoin wallet.
According to data from Glassnode, the number of Bitcoin wallet addresses holding one whole BTC or more has recently surpassed the one million mark.
This milestone was achieved on May 13, and it is noteworthy that many crypto investors have multiple BTC addresses. Additionally, some of the addresses belong to major institutions such as cryptocurrency exchanges and investment firms that typically own large sums of BTC.
As the price of Bitcoin fell over 65% last year, the number of wallet addresses holding one Bitcoin or more spiked. The most notable surges occurred during an acute market crash in June and from November 11, the date that FTX collapsed and subsequently filed for bankruptcy. Despite the price drop, a whopping 190,000 or so wholecoiners were added from early-February 2022, as the price of Bitcoin fell from its November 2021 highs.
Glassnode co-founder, @Negentropic, informed his 54,000 Twitter followers that the best time to buy BTC is when there’s “blood in the streets.” His comments come in the wake of numerous major bank collapses in the United States, as well as the Fed looking to potentially pause interest rate hikes in the coming months. These are some of the reasons why Glassnode said that it “remains confident” BTC can reach a price of $35,000 in the mid-term.
While the round number “one million” marks a new notch in the record books, it’s worth pointing out that one BTC wallet address doesn’t always represent a single person. According to data from crypto analytics provider CoinGlass, of the roughly 19 million Bitcoin currently in circulation, 1.89 million of these BTC — worth $50.7 billion — are held on major centralized exchanges such as Binance and Coinbase. Furthermore, a staggering 3 million BTC — worth $80.4 billion and accounting for 17% of the total circulating supply — are “lost forever” according to estimates from Glassnode, which draws the figure from a combination of data including BTC sent to “burn addresses,” wallets with lost keys and large accounts that have remained untouched for more than a decade.
The rapid growth of Bitcoin wallet addresses holding one whole BTC or more is impressive. Although there are factors that could potentially impact the value of Bitcoin such as major bank collapses and the Fed potentially pausing interest rate hikes, Glassnode remains confident in Bitcoin’s mid-term prospects. It is also important to note that one address does not always represent a single person, and a considerable portion of Bitcoin is held on centralized exchanges and considered “lost forever.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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