After FTX bankruptcy: Almost a million wallets now hold more than one Bitcoin

Forex in this article

• BTC-ECHO study: Almost half of investors spend at least 20 percent of their assets on cryptocurrencies
• Nearly one million blockchain wallets hold more than one bitcoin
• The number of blockchain addresses with less than one bitcoin is constantly increasing

Investors spend a significant portion of their wealth on cryptocurrencies

According to the BTC-ECHO study entitled “Digital Assets in Germany 2022”, the uncertainty on the digital assets market was enormous last year, and this was particularly noticeable in cryptocurrencies. The main reasons for the lack of confidence in the market were the collapses of the companies FTX and Celsius as well as the stablecoin TerraUSD. Nevertheless, it is currently becoming apparent that market participants will continue to hold on to cryptocurrencies. Regardless of the time of the investment, 81 percent of the more than 2,000 investors surveyed stated that they will invest in digital assets in the future. And the amount investors are putting into digital assets isn’t exactly small. According to the study, a full 48 percent of those surveyed invest at least 20 percent of their entire wealth in digital assets. 25 percent of those surveyed even stated that they invested a full 50 percent of their assets. On average, the invested portion of the assets among those surveyed is 14 percent. The cryptocurrency that is held the most is Bitcoin, followed by Ethereum and Cardano in second and third place.

Many increased their holdings after the FTX bust

As t3n now reports, on-chain data shows that Bitcoin’s significant and sustained decline to below $24,000 has apparently enticed smaller Bitcoin investors in particular to increase their positions. According to this, almost one million Bitcoin addresses are said to hold more than one Bitcoin. The increase is particularly concentrated in the period between 2021 and 2023. The positions increased particularly quickly after the collapse of the crypto exchange FTX in November 2022. Almost 150,000 Bitcoin addresses are said to have increased their holdings at this time. The reason for this was probably that the Bitcoin was pushed back to $ 15,500 for the first time since 2020 after the FTX bust. For investors who are betting on Bitcoin, this is certainly a good time to stock up. According to Look Into Bitcoin on-chain data, there are now (as of April 13, 2023) a whopping 993,765 addresses holding more than one bitcoin.

Distribution of bitcoin holdings overall

But how exactly are the total bitcoin holdings distributed among investors? According to a Glassdoor study from November 2022, so-called “shrimps”, i.e. blockchain addresses with less than one bitcoin, hold a total of 1.21 million bitcoins at this time and thus 6.3 percent of the circulating cryptocurrency supply. The shrimp have added 96,200 bitcoin to their holdings since the FTX collapse, an all-time high. The “crabs”, addresses with up to ten bitcoins each, represent an increase of 191,600 bitcoins in this period. However, the “whales”, addresses with over 1,000 Bitcoin, have lightened their holdings during this period. The “whales” shed about 6,500 Bitcoin, according to Glassdoor. In relation to the total stock of this group, of a whopping 6.5 million Bitcoin, but only a small proportion of the stock.

The primary cohort which has been lightening their #Bitcoin holdings are whales (1k+ $BTC).

Whales have released approximately -6.5k $BTC to exchanges on net over the last month.

While this is distribution, it remains very small relative to their total holdings of 6.3M $BTC. pic.twitter.com/1VoRmVAXFb

– glassnode (@glassnode) November 28, 2022

As t3n explains, the Glassdoor study also shows that the number of wallets holding small amounts of up to 0.1 bitcoin is steadily increasing, while the number of addresses holding more than 10 bitcoin to more than 100 bitcoin has been growing since at least 2018 remained relatively constant. Wallets with holdings of more than 1,000 Bitcoin have actually decreased by about 20 percent since 2021.

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