Bitcoin Address Counts Rise in Two Large-Balance Bands, Fall in One

Bitcoin (BTC) addresses in two large-balance ranges increased over the month through Oct. 20, while the count in the largest range fell, showing uneven changes across the groups.

The two increasing ranges were 100 to 1,000 BTC and 1,000 to 10,000 BTC. The first contained 18,381 addresses, up 197 from the one-month comparison. The second reached 1,944 addresses, an increase of 45. Aggregate balances in those ranges rose by 34,216 BTC and 51,371 BTC, respectively.

The largest range moved in the opposite direction. Addresses holding more than 10,000 BTC numbered 87, down two over the month, and the balance across that range decreased by 66,929 BTC.

Taken together, the figures show that both address counts and balances increased in the two ranges below 10,000 BTC, while both declined in the highest range. The comparison describes changes across balance groups; it does not identify which addresses moved between them or whether individual investors added or reduced their holdings.

Address totals are not a count of investors. One person can control multiple addresses, and a single address may hold coins for several customers. A rise in the number of addresses therefore does not establish an equal increase in the number of people holding BTC.

Counts can also change when coins move between addresses or an address balance crosses one of the group cutoffs. When an address enters or leaves a range, its count changes even if the underlying investors have not changed. A move across a cutoff can also shift the amount of BTC attributed to each range.

The balance changes add another measure to the address counts: both measures increased in the two lower ranges and decreased in the highest one. These one-month figures describe addresses and balances by range; they do not establish confirmed purchases, sales or changes in the number of investors.