Bitcoin Wallets Holding More Than 0.1 BTC Decline for the First Time in Years
For over a decade, the number of Bitcoin wallets holding more than 0.1 BTC rose steadily, reflecting broad adoption and a growing base of long-term holders. But for the first time in Bitcoin’s modern history, that upward trajectory has reversed.
A Two-Year Slowdown Turns Into a Decline
Although growth in this category of wallets remained strong throughout Bitcoin’s early years, analysts began noticing a slowdown starting in late 2022. What had once been a constantly expanding metric started to plateau, eventually shifting into negative territory.Since December 8, 2023, the number of addresses holding over 0.1 BTC has fallen from roughly 4.548 million to 4.443 million - the lowest level observed in nearly two years. This drop is significant because wallets with 0.1 BTC or more traditionally indicate retail holders with several thousand dollars in long-term savings.
What the Decline Suggests About Investor Behavior
A shrinking number of mid-balance Bitcoin wallets may imply that fewer investors are choosing to self-custody funds in hardware devices such as Ledger, Trezor, Coldcard, and similar solutions. Historically, increases in this category mirrored rising user awareness of private key ownership and long-term holding.However, analysts caution against interpreting the decline as reduced interest in Bitcoin itself. Instead, the data reflects changing storage preferences and investment channels rather than a loss of confidence.
Shift Toward Exchanges, ETFs, and Institutional Custodians
The emerging trend suggests that many users are moving away from self-custody and into intermediary-driven products. This includes:• centralized exchanges offering simplified custody
• Bitcoin ETFs backed by regulated custodians
• corporate treasury platforms
• structured financial products and derivatives
These alternatives appeal to investors seeking convenience, liquidity, and professional management, even if it means relinquishing full control of their private keys.
In effect, Bitcoin ownership is not decreasing - it is consolidating in fewer, larger custodial buckets.
Why It Matters for the Ecosystem
The decline of wallets with balances above 0.1 BTC highlights an unresolved tension within the Bitcoin community: the trade-off between personal sovereignty and convenience. As institutional and regulated products expand, more users feel comfortable delegating custody to trusted third parties.This trend may reshape Bitcoin’s distribution profile, reducing the share of small and mid-sized self-sovereign holders while increasing the influence of centralized custodians.
Conclusion
While the fall in mid-sized Bitcoin wallets marks a meaningful shift, it does not indicate waning demand for Bitcoin. Instead, it reflects investors turning toward platforms that offer simpler management and regulated exposure - even at the cost of decentralization. The long-term implications for Bitcoin’s holder landscape remain to be seen.Editorial Team - CoinBotLab
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TOR access is recommended for maximum anonymity.