Key Takeaways
- 1.89 million of BTC — worth $50.7 billion — are held on leading centralized exchanges such as Binance and Coinbase.
- Three million BTC accounting for 17% of the total circulating supply — are “lost forever.”
Bitcoin has hit another significant milestone as the number of wallet addresses holding one whole BTC or more has surpassed one million, according to data from Glassnode. The surge in the number of whole-coiners can be attributed to Bitcoin’s price fluctuations, which fell more than 65% over the course of last year.
Despite the recent market volatility, Glassnode cofounder @Negentropic believes that the best time to buy Bitcoin is when there’s “blood in the streets.” With numerous major bank collapses in the United States and the Fed potentially pausing interest rate hikes in the coming months, Glassnode remains confident that Bitcoin can reach a price of $35,000 in the mid-term.
However, it’s worth noting that one Bitcoin wallet address doesn’t always represent a single person. Many crypto investors have multiple Bitcoin addresses, and other addresses belong to major institutions such as cryptocurrency exchanges and investment firms that typically own large sums of Bitcoin.
According to data from crypto analytics provider CoinGlass, of the roughly 19 million Bitcoin currently in circulation, 1.89 million of these BTC worth $50.7 billion are held on major centralized exchanges such as Binance and Coinbase. This number represents a significant portion of the total circulating supply of Bitcoin, and it’s a clear indication that centralized exchanges play a significant role in the cryptocurrency market.
In addition to centralized exchanges, a staggering 3 million BTC worth $80.4 billion, accounting for 17% of the total circulating supply, are “lost forever,” according to estimates from Glassnode. The figures are drawn from a combination of data, including BTC sent to “burn addresses,” wallets with lost keys, and large accounts that have remained untouched for over a decade.
According to CoinGlass, the top five countries holding the most Bitcoin by the percentage of circulating supply are the United States, China, Russia, India, and Ukraine.
Overall, the milestone of one million Bitcoin wallet addresses holding one whole BTC or more is a significant achievement for the cryptocurrency. As the technology and infrastructure evolve, we’ll likely see even more individuals and institutions investing in Bitcoin and other cryptocurrencies.
