- The number of addresses holding one bitcoin has breached one million
- The milestone comes off the back of a 90,000 bump following the collapse of FTX
- Bitcoin is clearly still seen as a desirable asset
The number of addresses holding more than one bitcoin has surpassed one million for the first time, showing that the various threats hanging over the crypto space aren’t putting off bitcoin buyers. Data shows that the milestone was crossed on May 13, with the final 200,000 added in the last two years alone. Concerns about the state of the world economy and the safety of the banking system seem to have spurred buyers to pick up more in recent years, with Bitcoin’s price drops acting as an attractant rather than dissuading buyers.
90,000 Added Since FTX Collapse
The number of whole Bitcoin addresses has been on a steady increase since Bitcoin’s inception, with the usual dips and peaks that match price action, but the number has steadily increased, despite the huge increase in price over the years:
As we can see, it took nine years to get to half a million whole bitcoin addresses, another three years to get to 750,000 and three more to get to one million, with a sizeable bump taking place during the November 2022 drop to $15,500.
What’s interesting about this period in particular is that this was the time when the world’s media was predicting the death of Bitcoin following the collapse of FTX, and yet instead of Bitcoin dying it ushered in a huge bitcoin buy-in and 90,000 more wholesalers.
This milestone also reinforces the idea that, no matter what issues the crypto space is experiencing, from crypto contagion and Ordinals pressures to external regulation and political threats, Bitcoin still remains an incredibly desirable asset.