According to on-chain data, nearly 1 million bitcoin addresses already have more than 1 BTC, most of which were accumulated between 2021 and 2023.
Powered by LookIntoBitcoin according to information on March 29, exactly 991,670 bitcoin addresses held more than 1 BTC. This volume gradually increased over time as more and more bitcoins entered the network, but the biggest impact was the FTX incident. After the collapse of the crypto exchange in November, the number of these addresses increased from 915,110 on November 8 to 961,756 on December 8. As a result, since 2020, the BTC price has been a hair under $15,000, so dedicated hodlers were more likely to accumulate crypto.
Also, following the collapse of FTX, manufacturers of hardware wallets enjoyed record sales, which reflects the prominence of individual wallets over centralized exchanges. This may also explain the increase in wallets with smaller balances, as exchanges often compress thousands of users’ BTC into one blockchain address at once.
On the other hand, looking at data from blockchain analytics company Glassnode, addresses with less than 1 BTC added a record 96.2 thousand BTC to their holdings in the month following the FTX failure.
Looking at the longer term, the amount of wallets holding more than 0.1 BTC (4,289,2434) and more than 0.01 BTC (11,724,266) also increased. Meanwhile, the number of people with more than 10 and 100 bitcoins has remained relatively unchanged since 2018. In contrast, the number of people holding more than 1,000 BTC has decreased by 20% since 2021.
According to CoinMarketCap, only 11% of Bitcoin’s supply is owned by entities that own more than 0.1% of the total holdings. This shows a lower concentration compared to altcoins such as Ethereum (39%) or Cardano (33%). At the time of writing, BTC was hovering around $28,278, according to CoinMarketCap.
