Addresses Holding 1 BTC or More Move Past 1 mn
The number of addresses holding one Bitcoin or more reached its highest-ever reading on May 13, with data from Glassnode showing an increase in wallets holding Bitcoins during flash crashes last year.
From early February 2022 to May 2023, 190,000 addresses were added, despite Bitcoin’s weakening price. This reflects a growing Bitcoin user base during events like the TerraLuna crash in May and the FTX collapse in November, which caused Bitcoin’s price to plummet on the charts.
This may have created an opportunity for investors to accumulate Bitcoin at lower prices, leading to a spike in the number of wallet addresses. However, one million addresses does not necessarily equate to one million users, as a wallet can be owned by a single person holding 1 BTC or managed by an institution or controlled by an individual with multiple wallet addresses. Major centralized exchanges like Coinbase and Binance manage 1.89 million Bitcoins, or $50.7 billion of the total 19.3 million currently in circulation.
(With inputs from Shikha Singh)
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