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Bitcoin Wholecoiners Reached ATH Above 1 Million Amid Bear Market

The State of Bitcoin as It Approaches $30,000: Santiment

Bitcoin has reached a significant milestone as the number of addresses holding one BTC or more has surpassed one million, according to data from Glassnode.

The achievement was recorded on May 13, indicating a growing interest in the asset class despite its price volatility and bear market. As of writing, the number of wholecoiner addresses was 1,000,527, which marks an increase from the 800,000 recorded in February 2022.

Bitcoin Adoption Amid Bear Market

The recent milestone may be attributed to the long-lasting bear market, during which Bitcoin has dropped by more than 65% in the past year. Interestingly, there has been a rise in the number of wholecoiner addresses during the market crash in June and November when several significant crypto entities collapsed, suggesting that investors seized the bearish trend to acquire more bitcoins.

It’s worth noting that holding one million wallet addresses that contain at least one BTC doesn’t necessarily mean there are a million individuals or institutions with that amount. Many crypto investors and institutions own multiple Bitcoin addresses, meaning the total number of holders could be less than a million.

Meanwhile, the number of non-zero Bitcoin addresses has grown by more than 15% within the last 15 months, with 46,715,868 total non-zero addresses compared to the 40,276,163 recorded in February 2022.

CEXs Lead BTC Market Share

Centralized exchanges (CEXs) dominate the BTC market share, with approximately 1.89 million bitcoins, valued at $50.7 billion, held on prominent CEXs such as Binance and Coinbase, according to CoinGlass data.

Additionally, CoinGlass suggests that the highest proportion of the circulating supply of Bitcoin among countries belongs to the United States, China, Russia, India, and Ukraine, highlighting their considerable presence in the Bitcoin ecosystem.

Furthermore, Glassnode estimates that about three million BTC, equivalent to $80.4 billion and 17% of the total circulating supply, are lost forever. This estimate is based on data from various sources, including BTC sent to “burn addresses,” lost key wallets, and sizable accounts that have been inactive for over a decade.