There’s More Bitcoin Addresses With 1 BTC Than Ever Before

Bitcoin on crypto exchanges has hit its highest point in a month, but the number of addresses holding a full coin is also on the rise

article-image

Art by Axel Rangel

share

Bitcoin (BTC) has clawed back losses amid more uncertainty in the US banking sector — but rising balances on crypto exchanges overshadows its recovery.

BTC now hovers around $28,750, up 5.5% over the past five days after tanking about 10% last week.

Total BTC held on exchanges is at its highest level in a month, having steadily grown since March 27, CryptoQuant data shows.

“As the values continue to rise in reserve, it indicates higher selling pressure and has shown an opposite trend in price in general,” according to the firm. 

Per CryptoQuant, as of Tuesday evening there were:

  • 2.18 million BTC ($62.9 billion) on exchanges,
  • 30,000 BTC ($865.4 million) more over the year to date, up 1.4%,
  • 390,000 BTC ($11.25 billion) less than one year ago — an 18% drop.

This week has also seen several large inactive wallets wake up, causing concern about BTC flooding the market, research firm K33 said in a recent report. Demand for BTC has also fallen month-to-month, leading to decreased volatility overall, the firm said.

“BTC’s 30-day volatility remains at 3-month lows of 2.1%. While BTC’s 30-day volatility trends lower, with BTC seeing a stale performance over the past month,” K33 said.

Still, the number of addresses holding more than 1 BTC has continued to rise steadily for the month of April, reaching new all-time highs this week. 

There are now close to one million addresses with at least one full bitcoin, up 19% since this time last year.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

4.png

Research

This months PPGC covered four main areas. Firstly, debriefing the progress and status of the mainnet implementation of the Ahmedabad hard fork. Secondly, a retrospective on the testnet phase of the Ahemdabad Hard Fork. Thirdly, an update on PIP-36 which involves replaying failed state syncs. Lastly, PIP-47 which pushes upgrades to the Polygon Protocol Council.

article-image

And could BitGo’s offering dump the entire stablecoin market on its head?

article-image

Institutions to test out the settlement of “digital assets and currencies” on a network that annually carries more than 5 billion financial messages

article-image

After Bitwise’s XRP ETF filing this week, one industry watcher notes: “Politics will determine whether this happens soon or in a few years”

article-image

Plus, a look back at some of the SEC’s biggest enforcement moves under Gurbir Grewal

article-image

The forward-looking financial system is being championed by several contributors to India’s UPI digital money system

article-image

Multiple teams are pursuing integration cross-chain and off-chain