Bitcoin addresses with at least 1 BTC approach a million, BTC stabilizes above $28,000
The number of unique Bitcoin addresses holding at least 1 BTC, currently worth $28,181 as of writing on April 3, stands at 992,243.
Bitcoin addresses with at least 1 BTC stand at close to 1 million
According to Look Into Bitcoin data, the number of holders with at least 1 BTC has steadily increased. This may indicate that despite price volatility, the coin has found traction and been adopted by supporters, including entities and governments.
Parallel data from BitInfoCharts reveals that of all circulating supply, people with more than 1 BTC make up less than 3% of all addresses. As an illustration, addresses containing between 100 and 1000 BTC were 14,004, representing 0.03%. Only four addresses held between 100,000 and 1 million BTC. The tracker revealed that most BTC addresses had between 0.0001 and 0.001 BTC.
Bitcoin whales were mostly exchanges, with one wallet associated with Binance, a cryptocurrency exchange with 248,597 BTC. Another by Bitfinex, one of the earliest crypto exchanges, had 178,010 BTC.
At the end of October 2010, less than 60,000 unique addresses had 1 BTC. However, this has increased by nearly 15X over the past 12 years, signaling acceptance. A notable observation, in this case, is that the number of holders with at least 1 BTC has been steadily increasing despite a sharp increase in price.
Throughout 2020 and 2021, BTC holders continued to rally, unaffected by rapidly rising prices following the government’s intervention to mitigate the risk of the COVID-19 pandemic.
In 2022, falling prices catalyzed demand and accumulation for advocates during the last crypto winter. There was a noticeable increase in BTC addresses last year when prices fell to as low as $15,000 in Q4 2022, triggered by the collapse of several CeFi platforms, such as Voyager and Three Arrow Capital (3AC).
The bankruptcy of crypto exchange FTX broke Bitcoin, forcing it to a 2022 low of around $15,000. Since then, the cryptocurrency has jumped to its current levels.
Network resilience and BTC adoption
Bitcoin is a public network that enables users to move value, even across national borders, without the need for a third party. All BTC transactions are collected in a block, confirmed and sent to another address at any time.
In this way, users can send funds for a low fee without the intervention of a third party, such as a bank or money transfer agency. The Bitcoin network remains one of the most robust, with an uptime close to 100%. The network has been in continuous operation since its launch in early 2009.
El Salvador became the first country to make BTC legal tender. Other countries, including the Central African Republic, also support the coin. The United States Securities and Exchange Commission (SEC), chaired by Gary Gensler, also recognizes Bitcoin as a commodity.
Feature image from Canva, chart from TradingView
