The number of Bitcoin (BTC) wallet addresses with an integer token or more has surpassed one million.
The one million “wholecoiner addresses” milestone was reached on May 13, according to data from Glassnode.
As the price of Bitcoin plunged more than 65% over the course of the past year, the number of wallet addresses holding one Bitcoin or more skyrocketed, with the most notable rallies coming during a sharp market crash in June already. as of November 11, the date on which FTX crashed and subsequently filed for bankruptcy.
In total, a whopping 190,000 wholecoin addresses have been added since the beginning of February 2022, when the price of Bitcoin fell from its November 2021 highs.
Glassnode co-founder, Negentropicinformed his 54,000 Twitter followers that the best time to buy Bitcoin is when there is “blood in the streets.”
His comments come after the collapse of numerous major banks in the United States, as well as as the Federal Reserve is considering pausing interest rate hikes in the coming months. These are some of the reasons why Glassnode says that he “remains confident” that Bitcoin can reach a price of $35,000 in the medium term.
“Buy when there is Blood in the streets.”
$25.8k still remains a possibility, as indicated by the options market
Confident in our mid-term outlook of $35k as external pressures subside.
Market pricing Fed pause in June, no rate cut – optimal for the run to $35k for… pic.twitter.com/xBnIyHK5A0
— (@Negentropic_) May 12, 2023
Although the round figure of “one million” marks a new notch in the record books, it’s worth noting that a Bitcoin wallet address doesn’t always represent a single person.
Many crypto investors have multiple Bitcoin addresses and other addresses belong to major institutions like cryptocurrency exchanges and investment firms that often hold large sums of Bitcoin.
According to data from cryptocurrency analytics provider CoinGlass, of the approximately 19 million Bitcoin currently in circulation, 1.89 million – worth $50.7 billion – are held on the largest centralized exchanges such as Binance and Coinbase.
Furthermore, a staggering 3 million BTC – worth $80.4 billion and representing 17% of the total circulating supply – are “lost forever”, according to estimates by Glassnode, which draws the figure from a combination of data that they include BTC sent to “burn addresses”, wallet with lost keys, and large accounts that have remained untouched for over a decade.
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