The number of Bitcoin wallet addresses holding one whole BTC or more has recently surpassed the significant milestone of one million, according to data from Glassnode. This development highlights the growing interest and engagement of individuals and institutions in Bitcoin and the cryptocurrency market.
Bitcoin holders surge as BTC wallet hits new milestone
Glassnode’s data reveals that the number of wallet addresses holding at least one Bitcoin experienced notable surges during periods of market volatility. Particularly, during an acute market crash in June and following the collapse and subsequent bankruptcy filing of FTX on November 11, there was a significant increase in the number of whole-coiners.
In total, around 190,000 new whole-coiners were added since early-February 2022, as Bitcoin’s price fell from its highs in November 2021. Glassnode cofounder took to Twitter to share insights with his followers, suggesting that the best time to buy Bitcoin is when there is “blood in the streets.”
This comment comes amidst major bank collapses in the United States and the Federal Reserve’s potential consideration to pause interest rate hikes shortly. Glassnode remains confident in Bitcoin’s mid-term potential, projecting a price target of $35,000. While the milestone of one million Bitcoin wallet addresses holding one whole BTC is noteworthy, it is important to note that a single wallet address does not always represent a person.
Glassnode reports increased attention despite negative publicity
Many crypto investors utilize multiple Bitcoin addresses, and there are also addresses belonging to major institutions such as cryptocurrency exchanges and investment firms that hold significant amounts of Bitcoin.
According to CoinGlass, a crypto analytics provider, approximately 1.89 million BTC, valued at $50.7 billion, are held on major centralized exchanges like Binance and Coinbase. Furthermore, Glassnode estimates that around 3 million BTC, worth $80.4 billion and accounting for 17% of the total circulating supply, are considered “lost forever.”
This estimation includes BTC sent to “burn addresses,” wallets with lost keys, and large dormant accounts that have remained untouched for over a decade. The increasing number of wallet addresses holding one whole BTC or more indicates the growing participation and interest in Bitcoin.
Despite market volatility and various factors impacting the distribution of Bitcoin, such as institutional holdings and lost coins, the cryptocurrency continues to garner attention as a valuable digital asset. The achievement of one million whole-coiners signifies a significant milestone in the ongoing development and adoption of Bitcoin and the wider crypto ecosystem.
