Bitcoin ‘wholecoiners’ have been above 1 million for more than a year

Owning a single Bitcoin (BTC) is a dream come true for many crypto enthusiasts. However, with today’s Bitcoin price, it’s no easy task to acquire a whole Bitcoin.

More than a year ago, the important milestone of 1 million wallet addresses with at least one Bitcoin was reached. Since then, the number has never fallen below this limit, which marks an impressive achievement. Could stagnation soon be exchanged for further growth?

1 million Bitcoin ‘wholecoiners’ for 13 months

In May last year, the magical limit of one million wallet addresses with at least one Bitcoin was reached. To be precise, on May 13, when the Bitcoin price was still at $27,000, the streamers could be hung up according to blockchain analysis platform Glassnode. This is a major milestone in the global adoption of Bitcoin.

Bitcoiners who hold one whole coin are also referred to in industry jargon as wholecoiners.

Since reaching the milestone, growth has stagnated. The network currently has 1,010,800 wallet addresses holding one Bitcoin or more, which only reflects a minimal increase since May of last year. This is despite the fact that the price is now up roughly 130%. The all-time high was reached in January of this year when just over 1,024,000 wallet addresses held at least one Bitcoin.

Although the number of wholecoiners is no longer increasing, it has now been steadily above 1 million for 13 months. Historically, the metric has regularly experienced sharp declines of tens of thousands of wallet addresses in just months. In that respect it is positive that the 1 million figure is being maintained.

Should the Bitcoin price resume its bull market and rise to new records, there is a good chance that the number of wholecoiners will also increase over time.

A rising Bitcoin price draws more attention and investment to the decentralized asset, leading more people to aspire to own at least one Bitcoin.

Not 1 million individuals have at least 1 BTC

An important nuance that not everyone may be immediately aware of is that the number of wallet addresses is not an exact representation of the number of people who own Bitcoin.

For example, one person can own multiple wallet addresses, which is often done for security reasons. Other addresses belong to companies, crypto exchanges. When Bitcoins are stored for customers, such as at an exchange, large amounts of Bitcoins are also distributed over just a few addresses. Also, many wallet addresses are no longer active, for example due to private keys that have been lost.

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