How Many Entities Hold Bitcoin?

Introducing a New Generation of Entity–based On–chain Metrics Using Clustering and Advanced Data Science

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The Problem with Quantifying the Number of Bitcoin Users

Beyond Address Counts

Entities, not Users

Quantifying the Number of Bitcoin Entities

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Figure 1 — Number of daily addresses/entities that appeared for the first time in a transaction in the Bitcoin network.
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Figure 2 — The ratio between the number of new daily entities and new daily addresses.
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Figure 3 — Left: Number of daily active addresses and entities. Right: Ratio between active entities and addresses.

So, How Many Entities Hold Bitcoin?

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Figure 4 — Daily entities net growth.
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Figure 5 — Total number of addresses/entities with a non–zero balance.

According to our analyses, as of January 2020, the number of on–chain entities holding Bitcoin is about 23.1 million.

Healthy Bitcoin Growth

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Figure 6 — Comparison of daily addresses and entities net growth.

Number of Whales

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Figure 7 — Number of addresses/entities holding ≥ 1,000 Bitcoin.

Distribution Statistics

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Figure 8 — Distribution of the number of entities with respect to their size in terms of clustered addresses (January 2020).
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Figure 9 — Distribution of number of entities with respect to their Bitcoin balance (January 2020). All entities with a balance ≥ 100k BTC are crypto exchanges.
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Figure 10 —Balance distribution of entities in the Bitcoin network (January 2020).
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Glassnode

Contextualised and actionable market insights.

Thanks to glassnode

Rafael Schultze-Kraft

Written by

Data Science, Machine Learning & Crypto | Twitter: @n3ocortex | Building glassnode.com

Glassnode

Glassnode

Contextualised and actionable market insights, reports and analyses drawn from on-chain data.

Rafael Schultze-Kraft

Written by

Data Science, Machine Learning & Crypto | Twitter: @n3ocortex | Building glassnode.com

Glassnode

Glassnode

Contextualised and actionable market insights, reports and analyses drawn from on-chain data.

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