- The number of unique Bitcoin addresses holding more than 0.1 BTC has decreased over the past 24 months.
- Since December 8, 2023, these addresses dropped from 4,548,107 to 4,443,541.
- This 2.3% decline is larger than the 0.7% decline in addresses holding at least 0.01 BTC.
- Investors are increasingly using methods that spread BTC holdings across multiple addresses or financial products.
- The drop marks the first two-year period since Bitcoin’s inception without growth in this metric, reflecting changing holding patterns.
Since the launch of the Bitcoin network in 2009, the number of unique addresses holding a balance greater than 0.1 BTC steadily increased yearly until 2023. However, over the past two years, this group has shrunk. From December 8, 2023, the count declined from 4,548,107 to 4,443,541 addresses.
This represents a 2.3% decrease in addresses holding more than 0.1 BTC, a larger drop compared to the 0.7% decline among addresses holding 0.01 BTC or more, as reported by data on Bitcoin addresses with balance more than or equal to 0.01 BTC. The number of addresses with higher balances first plateaued during most of 2024 and then slid to a two-year low.
The fall may indicate fewer investors holding several thousand dollars’ worth of Bitcoin in personal wallets such as Ledger, Trezor, or Coldcard devices. However, it is impossible to confirm whether the total number of Bitcoin holders has decreased. Today, many investors gain exposure through centralized exchanges, ETFs, derivatives, and treasury companies, making it difficult to separate on-chain holdings by individual owners.
In addition to these financial products, new security practices have emerged. Investors increasingly use methods like extended public keys to split funds across multiple wallets controlled by one private key, nested wallets with decoy addresses, or advanced cryptographic schemes such as XOR to combine seed phrases. These approaches reduce the need to keep more than 0.1 BTC in a single address regardless of investment size.
While the metric tracking single addresses with over 0.1 BTC was rising until the end of 2023, it has now reversed course over the last two years. This trend illustrates changing behaviors among Bitcoin users. For further context, see the discussion on how 95% of all bitcoin is now mined and circulating.
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