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Bitcoin Addresses Holding 1 BTC or More Reach One Million: Glassnode

The number of Bitcoin $27,434 wallet addresses that hold one full BTC or more has crossed one million.  According to Glassnode data, the one million wholecoiner milestones was accomplished on May 13.

As the price of Bitcoin fell more than 65% last year, the number of wallet addresses holding one or more Bitcoin increased, with the most notable increases occurring during an acute market crash in June and from November 11, the date FTX collapsed and subsequently filed for bankruptcy.

As the price of Bitcoin plummeted from its November 2021 highs, a total of 190,000 or so wholecoins were added beginning in early February 2022.  @Negentropic, cofounder of Glassnode, told his 54,000 Twitter followers that the greatest time to buy Bitcoin is when there is “blood in the streets.”

His remarks come in the aftermath of multiple significant bank failures in the United States, as well as the Fed’s anticipated slowdown in interest rate hikes in the coming months. These are some of the reasons why Glassnode says it “remains confident” Bitcoin will reach $35,000 in the medium term.

While the round number “one million” is a new record, it’s worth noting that a single Bitcoin wallet address does not always represent a single person. Many cryptocurrency investors use several Bitcoin addresses, while others belong to significant institutions such as cryptocurrency exchanges and investment firms, which often own large amounts of Bitcoin.

According to CoinGlass data, of the approximately 19 million Bitcoin now in circulation, 1.89 million BTC – worth $50.7 billion — are stored on major centralized exchanges such as Binance and Coinbase. Furthermore, according to Glassnode, a staggering 3 million BTC — worth $80.4 billion and accounting for 17% of total circulating supply — are “lost forever” due to 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.

 

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