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New data suggests that ‘wholecoiners’ – Bitcoin wallets containing 1 BTC or more – now account for 95% of the cryptocurrency’s total capitalization. That leaves just 5% of the market cap split between tens of millions of users with a balance below 1BTC.
The total number of wholecoiner addresses has grown steadily year on year since 2009, despite the astronomical price increases for BTC. On November 27, Glassnode CTO Rafael Shultze-Kraft tweeted a chart revealing that more than 800,000 addresses currently hold at least 1 BTC.
Number of #Bitcoin “wholecoiner” addresses (holding ≥ 1 BTC) on that day each year
Data: https://t.co/VJm4nRFKp8 pic.twitter.com/6VJff2vB3r
– Rafael Schultze-Kraft (@ n3ocortex) November 26, 2020
According to Bit Info Charts, wholecoiner addresses represent roughly $ 301 billion worth of BTC. In contrast, the current combined value of addresses less than the total is $ 16 billion.
A line chart reveals few retracements in wholecoiner history, with the biggest drop in early 2016 when the number of addresses holding at least 1 BTC fell 13.5% from 520,000 to 450,000.
The year 2018 also saw the growth of wholecoiners stagnate, with the number of addresses hovering between around 720,000 and 690,000 for 12 months starting in December 2017.
According to Into The Block, 32.95 million Bitcoin addresses currently hold some value of BTC, suggesting that wholecoiners make up only 0.47% of Bitcoin wallets with balance.
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