The number of Bitcoin wallet addresses holding at least one whole Bitcoin (BTC) has exceeded one million. This significant milestone was recorded on May 13, according to blockchain analytics firm, Glassnode.
Last year, the price of Bitcoin plunged over 65%, prompting a spike in wallet addresses holding a minimum of one Bitcoin.
The most prominent surges coincided with the market crash in June and the bankruptcy filing of FTX on November 11. From early February 2022, approximately 190,000 “wholecoiners” were added while Bitcoin’s price declined from its November 2021 peak.
This achievement occurs alongside a string of major bank failures in the United States and signs that the Federal Reserve could pause interest rate increases in the upcoming months.
In a recent tweet, Glassnode’s co-founder Negentropic shared his insights on the current Bitcoin market. Drawing from the well-known investment adage “Buy when there is blood in the streets,” he noted that a drop to $25.8K remains possible, as suggested by options market data.
However, Negentropic expressed confidence in a mid-term outlook of $35K for Bitcoin, as external pressures are expected to subside.
https://twitter.com/Negentropic_/status/1656976956934565888?
It is crucial, however, to note that a single Bitcoin wallet address doesn’t necessarily correspond to one individual. Numerous crypto investors manage multiple Bitcoin addresses, while many others belong to large institutions, such as cryptocurrency exchanges and investment firms that generally hold substantial Bitcoin quantities.
Data from CoinGlass, a crypto analytics provider, reveals that out of approximately 19 million Bitcoin in circulation, 1.89 million BTC, equivalent to $50.7 billion, are held on major centralized exchanges like Binance and Coinbase.
Moreover, an estimated 3 million BTC, valued at $80.4 billion and representing 17% of the total circulating supply, are believed to be “lost forever.” This estimate from Glassnode includes Bitcoin sent to “burn addresses,” wallets with lost keys, and large accounts that have stayed inactive for over a decade.