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Wallets Holding Below 1 BTC Make Up 5% Of Bitcoin’s Market Cap

John Wanguba by John Wanguba
November 27, 2020
in Analysis, Crypto news
Reading Time: 2min read
Wallets Holding Below 1 BTC Make Up 5% Of Bitcoin’s Market Cap
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Each year, the number of “wholecoiner” Bitcoin wallets that hold over 1BTC increases continuously. The rest that does not hold whole coins represent a mere 5% of Bitcoin’s market capitalization.

The latest data reveal that ‘wholecoiners’ account for around 95% of the crypto’s capitalization. The remaining 5% is divided among millions of users that have these low balances in their wallets. Since 2009, the addresses that hold at least one bitcoin have been increasing year-over-year regardless of BTC’s massive price rallies.

On November 27, 2020, Rafael Shultze-Kraft, Glassnode CTO, tweeted a detailed chart that revealed over 800,000 addresses that currently hold over 1 BTC.

The number of #Bitcoin "wholecoiner" addresses (holding ≥ 1 BTC) on this day every year 📈

Data: https://t.co/VJm4nRFKp8 pic.twitter.com/6VJff2vB3r

— Rafael Schultze-Kraft (@n3ocortex) November 26, 2020

Based on Bit Info Charts, wholecoiner addresses represent almost $300 billion worth of Bitcoin currently. On the contrary, the current cumulative value of less-than-wholecoin addresses is around $15 billion.

A linear chart indicates some retracements in the history of the wholecoiners, with the biggest dip coming in early 2016 when that number of addresses that held over 1 BTC dropped by 13.5% from around 520,000 to 450,000.

In 2018, the wholecoiner growth stagnated as the number of addresses with a whole bitcoin hovered around 720,000 and 690,000 for 12 months from December 2017.

Number of Bitcoin wallets holding at least 1 BTC over time: Glassnode

Into The Block reported that 32.95 million Bitcoin addresses have some balance in BTC. It suggests that the wholecoiners represent a small 0.47% of the balance-bearing Bitcoin wallets.

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Tags: BitcoinBitcoin addressesbitcoin adoptionbitcoin analysisBitcoin walletsBTCBTC walletcryptoCrypto adoptioncrypto walletscryptocurrrencywholecoinwholecoiners

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