Bitcoin Addresses Holding Over 0.1 BTC Haven’t Grown in Two Years, What Does This Mean?

Overview

Recent data reveals a significant shift in the landscape of Bitcoin ownership. For the first time since its inception, the number of Bitcoin addresses holding more than 0.1 BTC has not increased over the past two years. This stagnation marks a departure from a long-standing trend of growth, which raises questions about the engagement of smaller and mid-sized investors in the cryptocurrency market.

Small Holder Participation Reaches A Standstill

Historically, the 0.1 BTC threshold has been a key milestone for retail investors. This level indicates a commitment to holding Bitcoin, while still being accessible to a wide range of investors. Over the past decade, the number of wallets surpassing this threshold consistently grew, even during market downturns when long-term investors were quietly accumulating assets. However, this pattern has changed.

Data from the on-chain analytics platform Santiment indicates that the number of Bitcoin addresses holding more than 0.1 BTC has remained stagnant at around 4.44 million over the past year. This lack of growth suggests a decline in the number of new participants opting to build self-custodied Bitcoin positions at this level. The stagnation is particularly noteworthy given Bitcoin’s increasing mainstream visibility and attempts to reach new all-time highs throughout the year. In previous market cycles, such conditions typically prompted a surge in retail accumulation. The current freeze in address counts signals that the number of retail addresses holding Bitcoin may be plateauing.

How Bitcoin’s Holder Base Is Changing

While the on-chain data indicates a slowdown in the growth of Bitcoin addresses holding more than 0.1 BTC, it does not necessarily imply a decrease in overall adoption. Many participants in the market are now engaging with Bitcoin through off-chain methods.

Larger investor groups, including high-net-worth individuals, funds, and corporate entities, have been acquiring substantial amounts of Bitcoin. Santiment’s data shows that holders controlling more than 100 BTC have increased their holdings throughout 2024 and 2025, contrasting with the stagnation seen in smaller address cohorts. Additionally, a growing number of investors are opting for custodial solutions rather than managing their own wallets. Spot Bitcoin ETFs have emerged as significant entry points for new exposure to Bitcoin. In the United States, Spot Bitcoin ETFs are reported to control nearly $120 billion worth of Bitcoin, with BlackRock’s offerings showing particularly strong demand.

Together, these developments indicate a transformation in Bitcoin’s market dynamics. The landscape is shifting from one primarily dominated by individual self-custody to a model increasingly influenced by institutional players, ETFs, funds, and professionally managed capital. As a result, the metrics derived from on-chain wallet data may only represent a fraction of the actual user base engaged with Bitcoin.

From author

The stagnation in Bitcoin addresses holding more than 0.1 BTC raises critical questions about the future of retail participation in the cryptocurrency market. This trend suggests that smaller investors may be finding it more challenging to engage with Bitcoin directly, potentially due to the rise of institutional investment and alternative methods of access.

Impact on the crypto market

• The stagnation in smaller Bitcoin addresses may indicate a shift in investor sentiment and engagement strategies.
• The growth of institutional investment and custodial solutions could lead to a more centralized market structure.
• Retail investors may increasingly rely on products like Bitcoin ETFs for exposure rather than self-custody.
• The changing dynamics may affect price volatility and market behavior as institutional players dominate trading volumes.
• Overall adoption of Bitcoin may continue to grow, but the methods of participation are evolving significantly.