The Stagnation of Bitcoin Addresses Holding Over 0.1 BTC: Implications and Insights

Since the introduction of Bitcoin, the count of addresses with more than 0.1 BTC has consistently increased through various market phases—until now. Recent data indicates that the number of these addresses has not changed in the past two years, marking a significant departure from a trend that persisted for over a decade.

Key Takeaways

The number of Bitcoin addresses holding over 0.1 BTC has not increased in the last two years, highlighting a shift in investor behavior.
This stagnation suggests that smaller and mid-sized investors may be less engaged with Bitcoin, even as institutional interest grows.
Larger investors, including high-net-worth individuals and corporations, are still accumulating Bitcoin, often through custodial services rather than self-management.
Bitcoin ETFs have become crucial in providing access to Bitcoin, with significant amounts of BTC now held in these investment vehicles.

Small Holder Participation Hits a Standstill

Holding more than 0.1 BTC has traditionally represented an important threshold for retail investors, indicating commitment while remaining affordable. For over ten years, the number of wallets crossing this line has steadily increased, even during market downturns when committed buyers accumulated Bitcoin.

However, this trend appears to have come to a halt. Since 2023, the number of addresses holding more than 0.1 BTC has plateaued, currently lingering at approximately 4.44 million. Data from the on-chain analytics platform Santiment reveals that this stagnation suggests fewer new investors are establishing Bitcoin positions at this level.

Bitcoin
Source: Chart from Santiment

This stagnation is particularly striking given Bitcoin's increasing visibility and the numerous attempts to reach new all-time highs this year. In previous market cycles, such conditions typically sparked a rush of retail accumulation. In contrast, the current situation indicates that the number of retail addresses holding Bitcoin may be flatlining.

The Evolution of Bitcoin's Holder Base

While the data indicates a slowdown in the growth of Bitcoin addresses above the 0.1 BTC threshold, it does not necessarily reflect a drop in overall Bitcoin adoption. Many participants now engage with Bitcoin through off-chain methods.

Larger investors—including high-net-worth individuals, funds, and corporations—are increasingly acquiring significant amounts of Bitcoin. For instance, Santiment's data shows that large holders with more than 100 BTC have been increasing their holdings throughout 2024 and 2025, even as smaller wallet cohorts remain stagnant.

Additionally, more investors are opting for custodial solutions to access Bitcoin rather than managing their wallets. Spot Bitcoin ETFs have emerged as essential pathways for new BTC exposure. In the United States, Spot Bitcoin ETFs now hold nearly $120 billion worth of Bitcoin, with BlackRock’s IBIT showing particularly strong demand.

These shifts suggest that Bitcoin is entering a new phase, as the landscape is increasingly dominated by institutions, ETFs, funds, and professionally managed assets, rather than individual self-custodied users. Consequently, traditional on-chain wallet metrics may not accurately capture the full scale of actual Bitcoin users.

Bitcoin
BTC trading at $90,564 on the 1D chart | Source: BTCUSDT on Tradingview.com