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The quantity of Bitcoin (BTC) wallet addresses containing one full BTC or more has exceeded the one million threshold.
This milestone of one million wholecoiners was achieved on May 13, based on information from Glassnode.
Number of Bitcoin wallets holding more than 1 Bitcoin since inception. Source: Glassnode.
As Bitcoin’s price declined by over 65% throughout the previous year, the number of wallet addresses with one Bitcoin or more surged, particularly during a significant market downturn in June and following the collapse and bankruptcy filing of FTX on November 11.
In total, approximately 190,000 wholecoiners were added since early February 2022, as Bitcoin’s price dropped from its peak in November 2021.
Glassnode cofounder @Negentropic shared with his 54,000 Twitter followers that the optimal time to purchase Bitcoin is when there is “blood in the streets.”
His remarks follow several notable bank failures in the United States, alongside the Federal Reserve considering a potential pause in interest rate increases in the upcoming months. These factors contribute to Glassnode’s assertion that it “remains confident” Bitcoin could achieve a price of $35,000 in the mid-term.
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Market pricing Fed pause in June, no rate cut – optimal for the run to $35k for… pic.twitter.com/xBnIyHK5A0— (@Negentropic_) May 12, 2023
While the significant figure of “one million” signifies a new achievement, it is important to note that a single Bitcoin wallet address does not necessarily correspond to an individual.
Numerous crypto investors possess multiple Bitcoin addresses, and some addresses are associated with large entities such as cryptocurrency exchanges and investment firms that typically hold substantial amounts of Bitcoin.
Related: Bitcoin price hits $27.2K, but new analysis warns more losses 'likely'
Data from crypto analytics firm CoinGlass indicates that out of approximately 19 million Bitcoin currently circulating, 1.89 million BTC — valued at $50.7 billion — are stored on major centralized exchanges like Binance and Coinbase.
The total number of Bitcoin held on centralized exchanges. Source: CoinGlass.
Additionally, an estimated 3 million BTC — valued at $80.4 billion and representing 17% of the total circulating supply — are considered “lost forever,” according to Glassnode’s estimates, which are derived from a combination of data including BTC sent to “burn addresses,” wallets with lost keys, and large accounts that have remained inactive for over a decade.
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