On-chain data shows that the Bitcoin network has reached a new milestone as the total number of holders now exceeds the population of Spain.
The number of Bitcoin holders is now over 48.5 million
As one analyst pointed out in a post on X, the number of BTC investors has now outnumbered the entire Spanish population. Bitcoin holders are counted here based on the total number of addresses on the blockchain that have a non-zero balance.
This means that if some addresses were active at some point, but no longer carry any coins due to an emptying, they would not be counted here.
Since this count would include all types of BTC investors, whether shrimp, shark, or whale, the evolution of their value can give us some insight into the overall adoption that the cryptocurrency is observing.
The chart below shows how the number of addresses with a non-zero balance has changed over the history of the coin.
The value of the metric has been increasing for the past few days | Source: @ali_charts on X
As shown in the chart above, the total number of Bitcoin addresses with some balance has steadily increased over the years as the asset becomes more widely adopted.
There have been few instances in the history of wealth when the indicator has seen significant declines. These events coincided with the bull highlights of 2017 and 2021.
It seems possible that the investors who bought near the top had completely emptied their wallets and exited the asset as they saw the bull market stall, causing the metric to drop.
With the recent surge, the indicator hit a new milestone and has now surpassed the 48.5 million mark. According to Worldometer, Spain has a population of about 47.5 million, which means that there are now more BTC holders than residents in the European country.
The current number of bitcoin holders is also higher than the population of countries like Argentina, Algeria and Iraq. The number of non-zero asset addresses is also greater than any American state, including California (about 39 million people).
Greater adoption is generally a positive sign for the cryptocurrency, as a larger user base usually translates into a better foundation for larger price increases in the future.
Speaking of adoption, market intelligence platform IntoTheBlock released some data a few days ago suggesting that the biggest bitcoin holder, the whales (or more specifically, the investors, whose balances are at least 0.1% of the total circulating supply ) recently added another $1.5 billion to their holdings.
It looks like the whales have been piling up lately | Source: IntoTheBlock on X
The accumulation of whales at the recent lows is a positive sign for the asset as it shows these huge owners believe these prices could be profitable buying points.
BTC price
Bitcoin has seen a 1% loss over the past week as the coin has now fallen to the $25,800 level.
BTC has been frozen solid for the past few days | Source: BTCUSD on TradingView
Featured image of Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com, Glassnode.com
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