The number of Bitcoin (BTC) wallet addresses holding 1 BTC or more has now exceeded 1 million. Data from Glassnode confirms that this impressive milestone was achieved on 13th May. The past few months have seen cryptocurrency investing popularise and many observers have attributed this rise to a combination of external pressures such as the financial woes of major banks, the Fed's decision to potentially pause interest rate hikes and the FTX crash in November 2021.

It is important to note, however, that one single Bitcoin wallet address does not necessarily equate to an individual investor. Many crypto holders will control more than one address and a high concentration can be seen in more institutional involvement in Bitcoin, such as exchanges and investment firms.

CoinGlass data indicates that 19 million BTC is currently in circulation, and of these 1.89 million are in the possession of large exchanges such as Binance and Coinbase. Another 3 million BTC, believed to be “lost forever” due to a combination of factors such as key loss, amount to 17% of the total supply.

With “blood in the streets” as a viable strategy for cryptocurrency investment, Glassnode remains confident that Bitcoin can reach the $35,000 mark in the near future. This optimism will look to be backed up by the continued emergence of cryptocurrency and the financial anxieties that may befall us.



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