159285

Nearly 1 million user addresses now hold more than 1 BTC

Bitcoin‘s long stand below $24,000 provided ample opportunity for retail holders to increase their position size, network data has shown.

Nearly 1 million Bitcoin user addresses now hold more than 1 BTC, most of them accumulating between 2021 and 2023.

Retail growth

According to on-chain data provided by LookIntoBitcoin. As of March 29, there were 991,670 Bitcoin addresses holding more than 1 BTC, a number that has been steadily increasing since Bitcoin was founded and more BTC entered the network.

However, the figure rose especially sharply after the collapse of the major crypto exchange FTX in November. The total of 915,110 addresses holding 1 BTC on Nov. 8 rose to 961,756 on Dec. 8. The event pushed the price of Bitcoin down to $15,500 for the first time since 2020. This increases the chance for HODLer to collect more sats.

Individual hardware wallet makers were able to record record sales in the days following the FTX meltdown, indicating that this has caused a wider push towards private wallets than the mainstream wallets. centralized trading website

This could help explain the growth in the number of coins on the small investor address. This is because exchanges often combine thousands of users’ BTC on a single blockchain address at a time.

source: CryptoPotato