The number of addresses holding more than 1 BTC dropped slightly, but remains in the millions

According to the latest data highlights on the chain, there are some interesting phenomena in the Bitcoin market in 2024. The number of unique addresses holding at least 1 Bitcoin was approximately 1.023 million at the beginning of the year.

However, this number declined in subsequent months, falling slightly to 1.011 million by mid-June. Notably, this reduction occurred against the backdrop of relatively stable Bitcoin prices, which were trading around $60,000.

Number of addresses with BTC balance >1 | (Source: Glassnode)

Long-term holdings show a increasing trend

Despite the short-term decline, long-term data from mid-2017 to mid-2024 shows a steady increase in the number of addresses holding at least one Bitcoin. This number has increased from approximately 600,000 to more than 1 million.

This growth shows that interest in and confidence in Bitcoin has not diminished despite the significant price fluctuations it has experienced, including distinct peaks and troughs.

Number of addresses with BTC balance >1 | (Source: Glassnode)

Reflection of market interest and confidence

The continued growth in the number of Bitcoin addresses is an important indicator of market interest and confidence in the leading digital currency. From about 600,000 addresses in mid-2017 to more than 1 million addresses in mid-2024, this jump not only shows a significant expansion of the Bitcoin user base, but also reflects the continued appreciation of the value of Bitcoin by individual investors. recognized.

At the same time, the continued growth in the number of addresses holding at least one Bitcoin reflects the market’s long-term interest and confidence in Bitcoin. This growth pattern highlights the increasing diversification of Bitcoin holdings among individual investors, which not only demonstrates the digital asset’s resilience but also contributes to its long-term stability.

The impact of decentralization on the market

The diversification of Bitcoin holdings has profound consequences for the market.

First, it reduces the market's reliance on a single large holder, thereby reducing the risk of price fluctuations due to large transactions.

Secondly, the decentralized holding model helps to enhance the market's trust in Bitcoin because it shows a broader user base and consensus on the value of Bitcoin.

Conclusion

To sum up, although the number of Bitcoin addresses has declined in the short term, the long-term trend shows the market’s continued interest and confidence in Bitcoin. This growth in confidence, coupled with the diversification of Bitcoin holdings, provides a solid foundation for the digital asset’s stability and resiliency.

As the market continues to develop and mature, we can expect Bitcoin to continue to be a major player in the digital currency space, demonstrating its unique value and potential.

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