Despite the recent downturn in broader markets affecting Bitcoin‘s BTC/USD price, the cryptocurrency continues to inspire confidence among long-term holders.
According to Glassnode, the count of individual wallets with at least one Bitcoin has surpassed a million.
Since February 2022, there has been a surge of 20% in wallets holding more than a single Bitcoin.
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The same data also indicates that between November and January, despite the crash of prominent cryptocurrency exchange FTX FTT/USD and a precipitous drop in Bitcoin prices from over $22,000 to just under $16,000, the number of Bitcoin wallets holding a single token still saw an increase of 79,000.
The introduction of ‘Bitcoin Request for Comment’ (BRC-20) tokens this March has not significantly augmented the cohort of high-value holders.
Post the BRC-20 token standard’s inception, only 30,000 new wallets with a minimum of one Bitcoin have been added.
The BRC-20 standards empower developers to launch tokens on the network and establish decentralized finance (DeFi) services, including lending and borrowing.
These innovations have indirectly led to a spike in the Bitcoin blockchain fees as demand for block space has surged, and altcoins issued on Bitcoin have collectively attained a market capitalization of up to $1.6 billion earlier this month.
Despite the high count of large holders, it appears that the majority of recent Bitcoin transactions originate from smaller wallets.
ETC Group’s Tom Rodgers told CoinDesk that during the 2019 peak, Bitcoin transactions predominantly ranged between $1,000 and $10,000, implying that the bulk of Bitcoin users leveraged the blockchain for trading purposes.
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