Bitcoin “wholecoiners,” those who hold one or more BTC in a single address, have remained a resilient group, with their numbers staying above one million for the past 13 months. This milestone, first achieved on May 13, 2023, when Bitcoin was trading at around $27,000, marks a significant moment in the cryptocurrency’s history. According to data from Glassnode, the total number of wholecoin addresses reached an all-time high of just over 1,024,000 on January 1, 2024. Today, even as Bitcoin’s price has surged to more than double its value in May 2023, the number of addresses holding one or more BTC stands at 1,010,800.
The achievement of the one million wholecoiners milestone is indicative of a strong trend in Bitcoin ownership. However, it is essential to note that one Bitcoin wallet address does not always represent a single individual. Many cryptocurrency investors maintain multiple Bitcoin addresses, and some of these addresses belong to major institutions like cryptocurrency exchanges and investment firms, which typically control large amounts of Bitcoin.
Of the 19.7 million Bitcoin currently in circulation, 2.48 million BTC, worth approximately $152 billion, are held on major centralized exchanges such as Binance and Coinbase. Additionally, around 3 million BTC, valued at $80.4 billion, are considered “lost forever,” according to estimates from Glassnode. These lost coins account for about 17% of the total circulating supply, highlighting the scarcity and value retention aspects of Bitcoin.
Bitcoin’s journey from its inception on January 3, 2009, when only one wallet address—belonging to its mysterious creator, Satoshi Nakamoto—held more than one Bitcoin, to the present, has been marked by significant milestones. By early 2010, the number of addresses holding more than one Bitcoin had grown to 30,000, and this number continued to increase steadily over the next eight years.
However, the number of wholecoin addresses has not been immune to market fluctuations. There have been notable periods when the number of these addresses dipped significantly. For instance, between March and May 2016, the number of wholecoin addresses fell by over 30,000. Similar declines occurred between September and December 2018 during a prolonged bear market, and again between February and July 2021, following a sharp sell-off after a meteoric price rally.
Despite these fluctuations, the overall trend for wholecoiners has been one of growth and resilience. This stability suggests a strong belief in Bitcoin’s long-term value proposition among its holders, even in the face of significant market volatility. The sustained number of wholecoiners above one million is a testament to the growing acceptance and adoption of Bitcoin as a store of value and a digital asset.
The role of institutional investors and exchanges in the Bitcoin ecosystem cannot be overstated. With a substantial portion of the total supply held on centralized exchanges, these institutions play a crucial role in providing liquidity and facilitating transactions for both retail and institutional investors. The fact that a significant number of Bitcoin addresses belong to exchanges and investment firms further underscores the importance of these entities in the broader cryptocurrency market.
Looking ahead, the dynamics of Bitcoin ownership and the number of wholecoin addresses will continue to be influenced by various factors, including market trends, regulatory developments, and technological advancements within the cryptocurrency space. As more people and institutions recognize Bitcoin’s potential as a hedge against inflation and a decentralized form of money, the number of wholecoiners is likely to remain a key indicator of the cryptocurrency’s adoption and value.
The sustained number of Bitcoin wholecoiners above one million reflects the enduring confidence in Bitcoin’s long-term potential. Despite market volatility and periodic declines, the overall growth in the number of addresses holding one or more BTC underscores the cryptocurrency’s appeal as a valuable digital asset. As the market evolves, the resilience and commitment of wholecoiners will continue to be a crucial factor in Bitcoin’s ongoing journey.
