Nearly 1 Million Blockchain Addresses Now Hold Over 1 Bitcoin

Bitcoin’s lengthy entrenchment underneath $24,000 offered ample alternative for smaller holders to extend their place sizes, on-chain information exhibits. 

Nearly 1 million Bitcoin addresses now maintain over 1 BTC, a lot of which was gathered between 2021 and 2023. 

The Rise of BTC Shrimps

According to on-chain information offered by LookIntoBitcoin, there are 991,670 Bitcoin addresses holding over 1 BTC as of March 29 – a quantity that has risen persistently since Bitcoin’s inception as extra BTC entered the community.

However, that determine rose particularly shortly after the collapse of crypto alternate large FTX in November, from 915,110 on November eighth to 961,756 on December 8. The occasion pushed Bitcoin’s value again all the way down to $15,500 for the primary time since 2020, probably giving devoted HODLers a greater probability to stack sats. 

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Manufacturers of particular person crypto {hardware} wallets noticed report gross sales within the days following FTX’s chapter, indicating a broad push in direction of particular person wallets over centralized alternate wallets. This may additionally assist clarify the expansion in smaller deal with balances since exchanges typically lump hundreds of customers’ BTC collectively into one blockchain deal with at a time

 Furthermore, Blockchain intelligence agency Glassnode famous on the time that “shrimps” – blockchain addresses with <1 BTC – have added a report 96.2k BTC to their collective holdings throughout the month since FTX’s failure.

Bitcoin’s Supply Distribution

Over the long run, the variety of wallets holding >0.1 BTC (4,289,243) and >0.01 BTC (11,724,266) has additionally continued to develop. Meanwhile, the variety of addresses holding >10 BTC or >100BTC has remained comparatively flat since not less than 2018, whereas wallets with >1000 BTC have fallen roughly 20% since 2021. 

Data from CoinMarketCap exhibits that solely about 11% of Bitcoin’s provide is held by entities with better than 0.1% of all holdings. This is a reasonably small quantity of wealth focus in comparison with sure altcoins like Ethereum or Cardano, whose figures are 39% and 33% respectively. 

In 2021, CoinMetrics analyst Nate Madrey urged that Bitcoin’s extra even distribution is because of its Proof of Work consensus mechanism, which incentivizes miners to promote newly minted cash onto the market slightly than horde them.