Bitcoin Wholecoiners Reached ATH Above 1 Million Amid Bear Market

Bitcoin has marked another significant milestone as the number of addresses holding at least one BTC hit an all-time high above one million.

According to data on Glassnode, the feat was recorded on May 13, indicating an increasing interest in the asset class despite the price volatility and bear market. At the time of writing, the total number of wholecoiner addresses was 1,000,527. This comes about 15 months after these wallets reached 800,000 in February 2022.

Bitcoin Adoption Despite Amid Bear Market

The most recent milestone can be attributed to the prolonged bear market, which has caused Bitcoin to plummet by over 65% in the past year. Notably, there was an increase in the number of wholecoiner addresses during the market crash in June and November, when several major crypto entities collapsed. This implies that investors leveraged the bearish trends to acquire more bitcoins.

It is worth mentioning that reaching the one million mark in wallet addresses holding at least one BTC does not necessarily imply that there are a million individuals or institutions with such amounts. Many crypto investors and institutions own multiple Bitcoin addresses, meaning the total number of holders may be less than one million.

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

CEXs Claim BTC Market Share

Centralized exchanges (CEXs) dominate the BTC market share, according to data from CoinGlass. Out of the approximately 19 million bitcoins in circulation, 1.89 million, valued at $50.7 billion, are on prominent CEXs such as Binance and Coinbase.

CoinGlass further suggests that the United States, China, Russia, India, and Ukraine have the highest proportion of the circulating supply of Bitcoin among countries. This highlights their significant presence in the Bitcoin ecosystem.

Meanwhile, Glassnode estimates that three million BTC, equivalent to $80.4 billion and constituting 17% of the total circulating supply, are lost forever. This estimate is derived from various data sources, including BTC sent to “burn addresses,” wallets with lost keys, and sizable accounts that have remained inactive for over a decade.