Bitcoin: Over 1 Million Addresses Now Hold 1 BTC Or More!

In the ever-evolving realm of cryptos, Bitcoin has managed to solidify its position as the undisputed leader of the pack. With a near 50% market cap dominance in the crypto market and an enthusiasm for mainstream adoption – Bitcoin has managed to achieve another major milestone. According to data from the crypto analytical platform, Glassnode – we now have reached the milestone of 1 million addresses holding 1 BTC or more!

This significant achievement not only highlights Bitcoin’s expanding user base, who are willing to bet big but also signals a maturing market where HODLers, investors, and visionaries alike have recognized the value Bitcoin brings to the table. So, whether you are a proud owner of a whole Bitcoin or an aspiring HODLer with dreams of joining the exclusive club, let’s dive into the details and explore the implications of this remarkable milestone. According to the chart below, Bitcoin touched this milestone on May 13, 2023.

Number of Bitcoin Wallets Holding More Than 1 Bitcoin Since Inception | Source: Glassnode

This is a very positive development coming out of the king coin in the crypto world as despite the near 65% correction in the value of a BTC token from its all-time highs back in November 2021 to the end of 2022 – we saw an active accumulation intent playing out in the crypto market, especially for Bitcoin. Thus according to the data, about 190,000 “wholecoiner” were added to the list of people who held 1 BTC or more, from early February 2022 as the whole bear market played out.

This indicated, that more and more people were intent on buying up BTC tokens as the price fell, indicating a strong buy-the-dip mentality and thus bodes well for the immediate near-term future of the token. This has reflected well too in 2023, as the overall crypto market saw a strong recovery, led primarily by Bitcoin.

"Buy when there is Blood in the streets."

📉$25.8k still remains a possibility, as indicated by the options market

🔮 Confident in our mid-term outlook of $35k as external pressures subside.

💼 Market pricing Fed pause in June, no rate cut – optimal for the run to $35k for… pic.twitter.com/xBnIyHK5A0

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) May 12, 2023

Glassnode co-founder, @Negentropic also took to Twitter to claim that there might be some explosive moves coming up for the king coin in the days ahead. He also mentioned that Glassnode “remains confident” that Bitcoin can touch a price of $35,000 in the mid-term horizon!

However, one thing to note is that this number of 1 million wallets, holding 1 BTC or more isn’t necessarily what one thinks it means. A wallet can be owned by a single person, suggesting that the single person is holding 1 BTC – which happens to be the usual thought.

Although, it can also be the case that a single Bitcoin wallet is managed by an institution instead of an individual and that owns the 1 BTC or more in that wallet. These institutions tend to own large sums of Bitcoin too.

Additionally, according to data from another crypto analytical data provider, Coinglass, about 1.89 million BTC of the total 19.3 million BTC currently in circulation are held on major centralized exchanges.

BTC Held on CEXs | Source: Coinglass

Additionally, an estimated 3 million BTC worth over $80 billion and accounting for roughly 17% of the total circulation supply are “lost forever” – according to estimates from Glassnode. This is a figure drawn from a combination of data including BTC sent to burn addresses, wallets that have lost their keys and large accounts which have remained untouched for more than a decade.

Values as on May 15, 2023.

Read more: Bitcoin Price Forecast