Bitcoin Addresses With 1 BTC Surpass One Million Amid Bear Market Accumulation
Bitcoin has reached another major milestone as the number of wallet addresses holding at least one BTC climbed to an all-time high of over one million.
According to blockchain analytics firm Glassnode, this milestone was achieved on May 13, marking a new era of adoption and investor confidence despite ongoing market volatility and price declines.
A Milestone in Bitcoin Adoption
The total number of so-called “wholecoiner” addresses now stands at 1,000,527, up from 800,000 recorded in February 2022 — a 25% increase in just over a year. The surge came as Bitcoin’s price dropped by more than 65% over the past year, prompting investors to accumulate during market dips.
Notably, the sharpest increases in wholecoiner addresses occurred during the June and November 2022 market crashes, when multiple major crypto firms collapsed. This trend suggests that long-term investors saw opportunity in the downturn, acquiring more BTC at discounted prices.
One Million Addresses, Not One Million Holders
While crossing the one million threshold is symbolically significant, it doesn’t necessarily mean there are one million individual Bitcoin holders. Many investors and institutions manage multiple wallet addresses, meaning the true number of wholecoiners is somewhat lower.
Still, the metric reflects rising confidence in Bitcoin’s long-term potential, with more participants reaching the coveted 1 BTC mark.
Broader Growth in Bitcoin Addresses
In addition to the growth in wholecoiners, the total number of non-zero Bitcoin addresses — wallets holding any amount of BTC — has increased by more than 15% over the past 15 months. Glassnode data shows 46.7 million active addresses today, compared to 40.2 million in February 2022.
This growth underscores continued adoption and network activity even amid the bear market.
Centralized Exchanges Dominate Bitcoin Holdings
According to data from CoinGlass, centralized exchanges (CEXs) such as Binance and Coinbase hold around 1.89 million BTC — valued at approximately $50.7 billion — on behalf of users.
Regionally, the largest Bitcoin holdings are concentrated in the United States, China, Russia, India, and Ukraine, reflecting strong adoption across diverse economic regions.
Lost Bitcoin: A Permanent Supply Reduction
Glassnode also estimates that about three million BTC — roughly 17% of the total circulating supply — are permanently lost. These coins are believed to be locked in inaccessible wallets, “burn addresses,” or accounts that have been inactive for over a decade.
This means that the true circulating supply is significantly lower than 19 million, potentially contributing to Bitcoin’s long-term scarcity and value proposition.
Conclusion
Despite a challenging macro environment, Bitcoin’s adoption continues to expand, with more addresses reaching the symbolic one-BTC milestone. The milestone underscores steady accumulation by both individuals and institutions, signaling that long-term conviction in Bitcoin remains strong — even as markets await the next major bull cycle.
