'Wholecoiner' Bitcoin Wallets Hold Steady Above 1 Million Despite Market Fluctuations
Summary:
Wallet addresses possessing at least one Bitcoin, known as 'wholecoiners', have consistently surpassed one million for the past 13 months, according to data. This growth, however, doesn't always represent individual owners, as many crypto traders have multiple addresses and larger institutions hold vast quantities. Within the 19.7 million Bitcoins in circulation, over 2.48 million are held on main exchanges, while approximately 3 million are considered irretrievable. Sweeping changes have occurred in 'wholecoiner' counts from Satoshi Nakamoto being the only one holding multiple Bitcoins in 2009 to a sharp rise and occasional sharp falls over the years.
Addresses storing a minimum of one Bitcoin, referred to as 'wholecoiners', have consistently crossed the one million mark for the past 13 months. This milestone for 'wholecoiners' was initially achieved on May 13, 2023, when the price of Bitcoin stood at just $27,000, based on Glassnode data. On Jan. 1 of this year, the peak was reached with slightly more than 1,024,000 wallets storing at least one Bitcoin. Currently, despite Bitcoin's value catapulting to double the amount of what it was in May 2023, there are 1,010,800 wallet addresses holding at least one Bitcoin.
It is important to note, however, that one Bitcoin wallet address doesn't always correspond to a single individual. Numerous crypto traders possess various Bitcoin addresses, while other addresses are held by large institutions such as cryptocurrency exchanges and investment companies that typically own sizeable quantities of Bitcoin.
Approximately 2.48 million out of the current 19.7 million Bitcoins in circulation, valued at $152 billion, are kept in major central exchanges like Binance and Coinbase. Besides, around 3 million Bitcoins, equivalent to $80.4 billion and representing 17% of the total available supply, are considered 'forever lost', as per Glassnode's estimates.
Since Bitcoin's inauguration on Jan. 3, 2009, the growth in 'wholecoiners' has turned out to be exponential starting from the only single wallet owning more than 1 Bitcoin belonged to Satoshi Nakamoto in the beginning, to 30,000 by the start of 2010, and further expanding over the next 8 years. However, there have been instances when the 'wholecoiners' count has plunged sharply, decreasing by 30,000 or more. This is specifically prevalent three times: in between March and May 2016; September and December 2018 during an extended bear market plunge; and once again between February and July 2021, during an intense sell-off subsequent to a significant rally just months prior.
Published At
6/28/2024 4:51:29 AM
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