Over 1 Million Wallet Addresses Now Hold 1 BTC or More - The number of Bitcoin wallet addresses holding one whole BTC or more passed the milestone of 1 million on May 13, according to data from Glassnode.

    As the Bitcoin price dropped more than 65% over the course of last year (from $46.2 to $16.5), the number of wallet addresses holding 1 BTC or more has spiked, with the most notable increases occurring during the Terra-Luna crash in June and from Nov 11, the date that FTX collapsed and then filed for bankruptcy.

    In total, more than 190,000 wallet addresses have bought 1 BTC since the beginning of February 2022 when the Bitcoin price dropped from a high of $69K in November 2021. Glassnode co-founder @Negentropic announced on his Twitter that the best time to buy Bitcoin is when “there is blood in the streets”.

    His comment comes amid the collapse of many major banks in the US, as well as the fact that the Fed is looking to pause raising interest rates in the coming months. These are some of the reasons why Glassnode says it is “still confident” Bitcoin can hit $35,000 in the mid-term.

    However, we need to note that one Bitcoin wallet address doesn’t always represent a single person. Many investors have multiple Bitcoin addresses, and other addresses belong to large institutions such as Crypto exchanges or investment funds that often own large amounts of Bitcoin.

    According to data from on-chain crypto analytics platform CoinGlass, of the roughly 19 million Bitcoins currently in circulation, 1.89 million of these – worth $50.7 billion – are held on major centralized exchanges like Binance and Coinbase. 

    Furthermore, a staggering 3 million BTC – worth $80.4 billion and representing 17% of the total circulating supply – has been “lost forever” according to estimates from Glassnode, figures drawn from a combination of data includes BTC sent to “burn addresses,” wallets that have lost their private keys, and large accounts that have remained silent for more than a decade.

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