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One of India’s well-known figures in the Bitcoin and cryptocurrency space, Kashif Raza, shared a Glassnode chart on X today. The chart shows the number of addresses holding one or more Bitcoins over time. I will try to convey the meanings that can be derived from the graph. The possible conclusion is that everything happens over time and develops slowly, just like what I am about to explain about Bitcoin.
More Than 1 Million Bitcoin Addresses
The following chart, starting from July 2017, is actually very valuable as it provides the current view. During this period, we see that the number of Bitcoin addresses holding at least one Bitcoin generally increased. The number, which was below 600,000 in mid-2017, steadily increased until it peaked in mid-2018. This increase is related to the price surge of Bitcoin, which approached nearly $20,000 towards the end of 2017.
Interestingly, while Bitcoin’s price experienced significant fluctuations after 2017, we see from the graph that the number of addresses with one or more Bitcoin balances showed resilience. Despite the notable price drop in early 2018, the number of such addresses remained relatively stable, oscillating between 600,000 and 700,000 until 2019. Interpreting this, I can say that there is a level of stability among Bitcoin holders and possibly a long-term holding behavior.
Sharp Increase in 2020 and 2021
In the cryptocurrency market, you will definitely get one of two outcomes. Either you will stay friends with this market, or this market will give you a lifelong lesson. In my opinion, by 2020 and 2021, the graph shows us investors who want to stay friends with this market. Because there is an increase in both Bitcoin’s price and the number of addresses holding more than one Bitcoin.
You already remember this period. Bitcoin had risen above $60,000. As BTC increased, the number of addresses holding more than one BTC reached 900,000 in early 2021. The result of this can be interpreted as investors accumulating more as Bitcoin gained value.
Continuing to Stay Friends
Investors not selling during significant declines in Bitcoin shows a high expectation of price increase. For example, during the 2021 price correction, there was a slight drop in the number of addresses, but it still remained above 800,000.
Finally, while Bitcoin’s price experienced more fluctuations throughout 2022 and 2023, the number of addresses continued to show a steady upward trend, albeit at a slower pace. At the beginning of 2024, the number of addresses holding at least one Bitcoin exceeded one million. The fact that investors continue to stay friends with Bitcoin is reflected in the graph as a peak, and this can also be interpreted as Bitcoin accumulation spreading to a wider audience.
