Bitcoin Wallets Hit Record 58.45M As Exchange Supply Falls

Bitcoin (BTC)’s network has reached a new milestone, with the number of non-empty wallets climbing to an all-time high of 58.45 million. At the same time, the amount of BTC held on exchanges has fallen to its lowest level since December 2017. The combined trend suggests that adoption is continuing to expand while more investors move coins into long-term storage.

Bitcoin Wallets Reach Record Level

Data shared by blockchain analytics platform Santiment in an X post on March 6 shows steady growth in the number of Bitcoin wallets holding at least some BTC.

The total count has now reached 58.45 million addresses, representing an increase of about 1.69 million wallets over the past six months, or around 3% growth during that period.

Non-empty wallets are commonly a broad indicator of network participation. Though a single user can control multiple wallets, long-term increases in this metric are often interpreted as a sign that the number of participants in the network is expanding.

The steady climb in wallet addresses has continued even during periods of market volatility, suggesting ongoing interest in holding Bitcoin rather than exiting the market.

Exchange Supply Falls To Multi-Year Low

Alongside the growth in wallet addresses, the amount of Bitcoin stored on exchange wallets has declined sharply.

Santiment estimates that only about 1.17 million BTC remain on known exchange addresses. That level has not been seen since December 2017, during the early stages of the previous major bull market cycle.

Lower exchange balances often indicate that investors are transferring coins into private wallets for long-term storage rather than keeping them readily available for trading.

When fewer coins are on exchanges, the immediate supply available for selling can shrink, which some market participants interpret as a potentially bullish signal.

Meanwhile, Bitcoin was at press time changing hands at the price of $69,973.03, which indicates a 3.4% drop in the last 24 hours, a 5.9% advance across the past week, and a decline of 7.9% over the month, according to the most recent chart information.

The combination of rising wallet counts and declining exchange reserves points to a broader trend of continued accumulation and increased offline storage among Bitcoin holders.

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