Bitcoin’s network adoption has reached a new milestone, with the number of non-empty wallets climbing to a record 58.45 million, according to fresh data from blockchain analytics platform Santiment. The milestone reflects steady growth in Bitcoin holders even as broader market conditions remain volatile.
In addition, the amount of Bitcoin held on centralized exchanges has dropped to its lowest level since December 2017, signaling that more investors are choosing to hold their coins in private wallets.
Bitcoin Holder Growth Continues
The data shows that the total number of Bitcoin wallets holding at least some BTC has grown by roughly 1.69 million over the past six months, representing about 3% growth in the network’s holder base.
Non-empty wallets are widely used as a proxy for adoption and participation in the Bitcoin ecosystem. While the metric does not necessarily equal individual users, since a single user may control multiple addresses, a rising count generally signals increasing distribution of Bitcoins across the network.
The milestone comes as Bitcoin trades around the $70,000 range, following several months of heightened volatility driven by macroeconomic uncertainty, ETF funding ebbs, and shifting institutional demand.
Growth in holder addresses during periods of market consolidation often indicates gradual accumulation by long-term participants looking to hold through the dip. Many traders see the metric as an indication of the market’s conviction in an asset.
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Exchange Balances Drop to 2017 Levels
Alongside the increase in holders, the total amount of Bitcoin held on known exchange wallets has fallen to roughly 1.17 million BTC, the lowest level recorded since late 2017.
Exchange balances are closely watched because they represent coins that are readily available for trading. When investors withdraw BTC from exchanges to private wallets or cold storage, it typically reduces the immediate supply available for sale. The simultaneous rise in wallet addresses and drop in exchange balances points to two key trends shaping the current Bitcoin market: growing adoption and increasing preference for self-custody.
Since the collapse of several major crypto platforms in past cycles, many investors have prioritized holding assets in private wallets rather than relying on centralized custodians. If this trend continues, the declining pool of readily tradable BTC on exchanges could impact market liquidity and potentially amplify price movements during periods of strong demand.
For now, the data suggests that despite short-term market turbulence, Bitcoin’s underlying network participation continues to expand, reinforcing the current bullish sentiment.
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Temitope Olajide
The CoinRemark Team
