Bitcoin addresses holding at least 1 BTC have exceeded one million, reaching a significant milestone, according to Glassnode data. The surge in addresses holding one Bitcoin or more coincided with a substantial drop in Bitcoin prices, which fell by over 65% in the past year. Noteworthy spikes in the number of these addresses occurred during a market crash in June and following the collapse and subsequent bankruptcy filing of FTX on November 11.

Source: Glassnode.
Approximately 190,000 “wholecoiners” were added to this group since early February 2022, as Bitcoin’s price declined from its November 2021 highs. Negentropic, co-founder of Glassnode, advised his Twitter followers, numbering 54,000, that purchasing Bitcoin during tumultuous times can be opportune, stating, “the best time to buy Bitcoin is when there’s blood in the streets.”
Glassnode expressed confidence in Bitcoin’s potential to reach $35,000 in the mid-term, citing recent major bank collapses in the United States and the Federal Reserve’s potential decision to pause interest rate hikes as contributing factors. However, it is important to note that a single Bitcoin wallet address does not necessarily represent an individual user. Multiple addresses are often owned by crypto investors, and others are associated with major institutions such as cryptocurrency exchanges and investment firms, which typically hold substantial amounts of Bitcoin.
According to CoinGlass, a crypto analytics provider, approximately 1.89 million BTC, valued at $50.7 billion, are held on centralized exchanges like Binance and Coinbase, out of the roughly 19 million Bitcoin currently in circulation. Additionally, an estimated 3 million BTC, worth $80.4 billion and accounting for 17% of the circulating supply, are considered “lost forever” based on Glassnode’s analysis. These figures include BTC sent to “burn addresses,” wallets with lost keys, and dormant accounts that have remained untouched for over a decade.