Recently, the number of Bitcoin addresses with 1 BTC exceeded 1 million, reflecting the strong adoption of the cryptocurrency in the market.
Data from Bitcoin Magazine Pro has revealed that over a million Bitcoin addresses contain at least 1 BTC today. This is a milestone that not only reflects a significant increase in cryptocurrency adoption, but also suggests that both retail and institutional investors are accumulating Bitcoin amid growing demand.
The exact figure reported by the publication is 1.012.650 addresses BTC, which represents a considerable portion of the 21 million units of the cryptocurrency that will exist in total.
Bitcoin accumulation accelerates in the last two years
According to the analytics platform's chart, the increase in the number of addresses containing 1 BTC has accelerated over the past two years. This may indicate that investors are taking proactive measures to secure their share of Bitcoin, which is a limited and increasingly scarce resource. Currently, more than 19,73 million BTC are already in circulation on the market, leaving only 6% of the total supply of the cryptocurrency pending to be mined from the network.
The scarcity of Bitcoin, coupled with increasing demand pressure, could have significant implications for the future of the market, the publication stated.
Bitcoin ETFs and growing institutional demand
Bitcoin demand and accumulation trend have been boosted by the arrival of Bitcoin exchange-traded funds in the United States. These investment instruments constitute a way to satisfy investor demand for the leading cryptocurrency, contributing to the growth of institutional interest, due to the accessibility they offer to investors and institutions.
Currently, Bitcoin exchange-traded funds in the US market accumulate 879.199 BTC, representing 4,18% of the total supply of the cryptocurrency, while MicroStrategy, one of the most notable companies in Bitcoin adoption, owns 226.500 BTC, or 1,07% of Bitcoin's maximum supply.
According to Bitcoin Magazine, this accumulation suggests that institutions are increasingly convinced and confident in Bitcoin's potential as a store of value, which in turn is accelerating its adoption and therefore limiting its available supply in the market.
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