On-Chain Market Sizing Report 2020

Welcome to our Data Report for on-chain marketing sizing.

Aug 10, 2021

We introduced a new method to estimate the total number of crypto owners based on on-chain data (for Bitcoin and Ethereum):

  • The number of users in crypto exchanges can be used to approximate the overall number of users in crypto space;
  • Most exchanges use an architecture called “deposit sweeping” to handle crypto deposit inflows. We can estimate the number of users in an exchange by counting its on-chain deposit addresses;
  • By adding the number of users from some largest exchanges today (with adjustments) and dividing the overall market share of those exchanges, we can therefore reasonably estimate the overall number of bitcoin owners;
  • The exercise will be conducted for both bitcoin (BTC) and ether (ETH) to estimate BTC and ETH population separately;
  • Lastly, we will scale up the number by considering non BTC / ETH owners as well as non-exchange users.
  • The final estimate of the number of cryptocurrencies owners in the world is around 66 million;
  • The above number is a proxy only and subjected to various limitations and caveats.

To read the full version of the On-Chain Market Sizing Report, read the PDF version here.

Share with Friends

Ready to start your crypto journey?

Get your step-by-step guide to setting up an account with Crypto.com

By clicking the Get Started button you acknowledge having read the Privacy Notice of Crypto.com where we explain how we use and protect your personal data.
Mobile phone screen displaying total balance with Crypto.com App

Common Keywords: 

Ethereum / Dogecoin / Dapp / Tokens