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Author: Admin | 2025-04-27
Up to less than a thousand BTC in value.In March 2023, Glassnode repeated the methodology and arrived at 32.9 million entities, which was 25.9% less than the number of bitcoin addresses with a balance above zero (~44.4 million)If Glassnode’s results are accurate, it would mean that the average Bitcoin entity holds its bitcoin on 1.18-1.34 addresses at any given time. Or in other words, only one in five or six entities would have bitcoin on two addresses. At face value, this number seems unlikely, given that power users will typically have dozens of addresses with balances on them.As stated in Glassnode’s methodology, they did not dive deeper into how many users are storing their bitcoin on exchanges. They only track the total amount of bitcoin this adds up to. Exchanges only disclose their aggregate user numbers, which does not clarify how many of them have bitcoin on their account balance. It is not in their best interest to talk about the number of Bitcoin users, as their business model relies on total trading volumes across various coins, and thus a narrative of “crypto” being top of mind.How Many People are Using Bitcoin?We believe there are roughly 80 million people holding bitcoin both on exchanges and in cold storage as of June 2023, or 1% of the global population. Below we will break down how we arrived at this estimation.Without data from the exchanges themselves on the exact number of users holding bitcoin, at best we can use public data points and assumptions to get an approximation of Bitcoin users on major exchanges.We know from public data how much bitcoin is held by major exchanges. Glassnode tracks 20 exchanges, which hold an aggregate of around 2.34 million bitcoin as of June 2023. This number excludes any holdings in custodial services they
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