cryptointelligence.co.uk
The total count of Bitcoin wallet addresses possessing at least one BTC has crossed the milestone of one million.
Data from Glassnode confirms that this benchmark was achieved on May 13.
A significant rise in wallet addresses owning a minimum of one Bitcoin was observed last year as the cryptocurrency’s price plummeted by over 65%. The most prominent increases happened during a severe market downturn in June and from November 11, following the bankruptcy declaration by FTX.
As Bitcoin’s price declined from its peak in November 2021, approximately 190,000 “wholecoiners” joined the ranks from early February 2022.
Glassnode co-founder Negentropic advised his 54,000 Twitter followers that the optimal time to invest in Bitcoin is during market distress.
This advice comes amidst several major bank failures in the U.S. and potential halting of interest rate hikes by the Federal Reserve. These factors contribute to Glassnode’s continued belief in Bitcoin’s potential to reach $35,000 in the mid-term.
While the milestone of “one million” is notable, it’s essential to remember that a single Bitcoin wallet address doesn’t necessarily equate to one individual.
Many Bitcoin investors manage multiple addresses, and others belong to major entities like cryptocurrency exchanges and investment firms that often hold substantial Bitcoin quantities.
CoinGlass, a crypto analytics provider, estimates that out of the roughly 19 million Bitcoin in circulation, 1.89 million BTC — valued at $50.7 billion — are held by large centralized exchanges such as Binance and Coinbase.
Moreover, Glassnode’s estimates suggest that an astonishing 3 million BTC — equivalent to $80.4 billion and 17% of the total circulating supply — are irretrievably lost. These estimations are based on various data sources, including BTC sent to “burn addresses,” wallets with lost keys, and substantial accounts that have been inactive for over a decade.