James Bachini

How Many People Own Bitcoin & Ethereum?

How Many People Own Bitcoin & Ethereum

No one can provide an exact answer to “how many people own Bitcoin” or “how many people own Ethereum” because a single user can have multiple anonymous addresses on the network. We can however analyse the data available in block explorers, company reports and research posts to make an estimate.

tl;dr estimates based on the methodology below
Last Updated:

There are currently Bitcoin holders which represents a % global adoption rate

There are currently Ethereum holders which represents a % global adoption rate


To estimate the number of users we need reliable data and a method to extrapolate it to quantify individual users.

Review of Data Sources

I began by looking for dependable sources of data which included:

  • Block explorers provide address counts
  • Financial reports provide monthly active users
  • Surveys & prior research provides adoption percentages
Blockchain Analysis

Block explorers for both Bitcoin and Ethereum can yield useful data on the total number of addresses/wallets. Some users may control multiple addresses and some addresses may be inactive.

To get the most accurate information I looked at Bitcoin addresses with a balance above 0.01 BTC and Ethereum addresses with over 0.1 ETH

This can give a live growth chart with up to the second data which can be used to extrapolate data from previous studies.

PREVIOUS STUDIES & Company reports

Public companies like Coinbase declare the monthly active users in financial reports. Crypto.com also carried out a study using it’s internal data and external sources in 2022.

There have been previous studies with open methodology which provides dated but well analysed estimates of crypto adoption.

These data sources are hard to globalise as Coinbase is very US centric and not as well adopted in Eastern markets for example.

Dynamic Estimation Based On Growth Rates

We can take a mean average value from previous studies at set dates and overlay this on our growth/adoption curve. By analysing the market cap and on chain metrics such as active addresses we can differentiate between Bitcoin and Ethereum holders. Given the anonymous nature of cryptocurrencies, it is important to note that the figures derived are estimates rather than exact numbers.

Dynamic Estimate Code

The following code is used to create a dynamic estimate which updates in realtime. The data uses a fixed acceleration rate which may not be accurate due to the cyclical nature of crypto markets.

const aug23 = 1690879768777;
const date = new Date();
const ts = date.getTime();
const passed = ts - aug23;
const btcMean = 385000000;
const ethMean = 224000000;
const btcAcceleration = 0.818 / 1000;
const ethAcceleration = 1.243 / 1000;
const btcGrowth = passed * btcAcceleration;
const ethGrowth = passed * ethAcceleration;
const btcHolders = ((btcMean + btcGrowth) / 1000000).toFixed();
const ethHolders = ((ethMean + ethGrowth) / 1000000).toFixed();
document.getElementById('btcHolders').innerHTML = `${btcHolders} million`;
document.getElementById('ethHolders').innerHTML = `${ethHolders} million`;
const btcAdoption = ((btcMean + btcGrowth) / 8100000000 * 100).toFixed();
const ethAdoption = ((ethMean + btcGrowth) / 8100000000 * 100).toFixed();
document.getElementById('btcAdoption').innerHTML = btcAdoption;
document.getElementById('ethAdoption').innerHTML = ethAdoption;

Data Sources

Ethereum Unique Addresses:

Bitcoin 30d Unique Addresses: https://www.blockchain.com/explorer/charts/n-unique-addresses

Coinbase Financials

Triple A Research

Crypto.com Study

Nansen Research

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Thank you.

James Bachini

Disclaimer: Not a financial advisor, not financial advice. The content I create is to document my journey and for educational and entertainment purposes only. It is not under any circumstances investment advice. I am not an investment or trading professional and am learning myself while still making plenty of mistakes along the way. Any code published is experimental and not production ready to be used for financial transactions. Do your own research and do not play with funds you do not want to lose.



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