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Bitcoin Wholecoiners Surpass One Million Milestone

Recent surge in Bitcoin addresses owning more than 1 BTC.

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The number of Bitcoin wallet addresses holding one whole BTC or more has recently exceeded one million, marking a significant milestone in Bitcoin adoption. Glassnode data confirms that this achievement was reached on May 13, 2023.

The surge in addresses holding one Bitcoin or more can be attributed to various factors. Notably, during the past year, as the price of Bitcoin experienced a substantial decline of over 65%, there were noticeable increases in the number of such addresses. These increases were particularly prominent during a severe market crash in June and following the collapse of FTX and its subsequent bankruptcy filing on November 11.

Since early February 2022, as Bitcoin's price dipped from its highs in November 2021, approximately 190,000 new "wholecoiners" have joined the ranks. This trend demonstrates that many individuals recognize the buying opportunity presented when Bitcoin experiences significant price drops.

Glassnode co-founder, Negentropic, shared with his followers on Twitter that the ideal time to purchase Bitcoin is when there is "blood in the streets." This advice aligns with the recent major bank collapses in the United States and the Federal Reserve's potential pause in interest rate hikes, which have contributed to Glassnode's confidence in Bitcoin's mid-term price potential of $35,000.

It's worth noting that some Bitcoin addresses are owned by institutional entities such as cryptocurrency exchanges and investment firms, which hold substantial amounts of Bitcoin. Crypto analytics provider CoinGlass reveals that approximately 1.89 million BTC, equivalent to $50.7 billion, is held on major centralized exchanges like Binance and Coinbase.

In addition, 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 combines data from BTC sent to "burn addresses," wallets with lost keys, and dormant accounts that have remained untouched for more than a decade.

The surpassing of one million Bitcoin addresses holding one whole BTC or more signifies growing interest and participation in the Bitcoin market. As the cryptocurrency ecosystem continues to evolve, it will be intriguing to observe how this milestone affects the future of Bitcoin adoption and investment.