The number of Bitcoin (BTC) wallets containing 1,000 or more BTC has increased by nearly 3.5% over the past 52 weeks. This growth is accompanied by a 75% increase in the number of wallets holding 0.0001 BTC or less.
On the surface, these numbers indicate growth at both ends of the spectrum. However, a categorical examination reveals that Bitcoin’s middle class—those holding between one and ten BTC—appears to be shrinking.
This data, derived from BitInfoCharts, shows the percentage change in the number of wallets containing specific amounts of BTC between Oct. 1, 2023, and Sept. 23, 2024.
While the approximately 76% increase in the number of wallets containing less than 0.0001 BTC (worth $6.32 at the time of this article’s publishing) could indicate an influx of new users, it likely also accounts for some of the shrinkage occurring at the middle-class mark.
The number of wallets containing between one and ten Bitcoin shrunk by 0.35%, while those in the 10 to 100 range dipped by more than 3%. The only other category that didn’t grow, according to the data, was the 10,000 BTC and up club.
It’s important to note that the wallets referenced in the data don’t necessarily account for individual Bitcoin users. Many wallets could be associated with the same individual or organization, while others could be abandoned wallets.
Increased wallet numbers at the bottom tiers could indicate the emergence of relics related to selloffs after recent events such as Bitcoin’s all-time high and the halving.
On the other hand, the decrease in whales holding more than 10,000 Bitcoin aligns with the increase in those holding between 1,000 to 10,000.
Statistically, this indicates that a significant portion of wallets with BTC holdings in the middle have retreated from the 1 to 100 range to near zero. If so, a significant percentage of wallets with BTC worth between $26,542 and $2,654,200 as of October 2023 have reduced their holdings over the past year.
On a positive note, the number of Bitcoin wallets worth $1 million has increased by about 25% since the start of 2024.