BTC addresses with 1 BTC or more surpasses 1m mark

15 May 2023

The number of Bitcoin wallet addresses with one whole Bitcoin or more has exceeded one million.

The one million milestone was reached on Saturday, according to data from Glassnode.

As the price of the world’s largest cryptocurrency declined more than 65% throughout last year, the number of wallet addresses with one or more Bitcoins surged. The standout spikes were in June during an acute market crash and mid-November following the FTX collapse.

A total of 190,000 so-called “wholecoiners” were added from the beginning of February last year, as the Bitcoin priced dropped from record highs in November 2021, Cointelegraph reports.

The co-founder of Glassnode, Negentropic said on Twitter that the best time to purchase Bitcoin is when there’s “blood in the streets.” His comments followed several major US bank collapses, along with the potential for the Federal Reserve to pause its rate hiking cycle over the next few months.

These are some of factors why Glassnode said it “remains confident” the price of the world’s largest crypto could reach $35,000 in the mid-term.

A number of cryptocurrency investors hold multiple BTC addresses whilst others belong to major institutions such as investment firms or crypto exchanges.

Out of the approximate 19 million Bitcoin currently in circulation, 1.89 million – worth $50.7 billion – are held on major centralised exchanges, as per data from crypto analytics provider CoinGlass.

In addition, a total of 3 million BTC – making up 17% of the total circulating supply and worth $80.4 billion – are “lost forever” according to Glassnode estimates. The data is compiled from a mix of factors including Bitcoin sent to “burn addresses”, large accounts that haven’t been used for over a decade, and wallets with lost keys, the Cointelegraph report adds.

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