Rising Number of Bitcoin Wholecoiners Defy Market Volatility
by FARUK IMAMOVIC | VIEW 951
The number of Bitcoin wallets containing one whole BTC or more has reached a significant milestone, surpassing one million "wholecoiners" addresses. According to data from Glassnode, this achievement was recorded on May 13, highlighting the growing presence of cryptocurrency enthusiasts who possess at least one whole Bitcoin.
Amidst Market Turmoil, Wholecoiners Continue to Emerge
In the face of Bitcoin's price decline of over 65% in the past year, the count of wallet addresses holding one or more bitcoins has experienced an exponential surge.
Notably, this trend intensified during the acute market crash in June and since November 11, following the collapse of FTX, which subsequently led to the company filing for bankruptcy. Since the beginning of February 2022, a staggering 190,000 or more "whole-coiners" have emerged as Bitcoin's value dipped from its peak in November 2021.
Highlighting the opportune timing for BTC acquisition, Negentropic, the co-founder of Glassnode, took to Twitter to state, "buy when there is Blood in the streets."
"Buy when there is Blood in the streets."
ð$25.8k still remains a possibility, as indicated by the options market
ð® Confident in our mid-term outlook of $35k as external pressures subside.
ð¼ Market pricing Fed pause in June, no rate cut - optimal for the run to $35k for… pic.twitter.com/xBnIyHK5A0 — ð¡ð²ð´ð²ð»ðð¿ð¼ð½ð¶ð° (@Negentropic_) May 12, 2023
Defying Market Volatility: Reasons for Confidence
These observations are made against the backdrop of several major bank failures in the United States, along with indications of a possible pause in interest rate hikes by the Federal Reserve in the coming months.
Consequently, Glassnode expressed their unwavering confidence in Bitcoin's potential to reach $35,000 in the medium term. While the significant milestone of one million addresses owning one whole BTC is noteworthy, it is essential to recognize that a single BTC wallet address does not necessarily represent one individual.
Many cryptocurrency investors utilize multiple BTC addresses, and some are associated with prominent institutions such as cryptocurrency exchanges and investment firms that typically hold substantial amounts of bitcoins. According to CoinGlass, a crypto analytics provider, approximately 19 million bitcoins are currently in circulation, with 1.89 million BTC valued at $50.7 billion being held on major centralized exchanges like Binance and Coinbase.
In addition, Glassnode estimates that an astonishing 3 million BTC, worth $80.4 billion, which constitutes 17% of the total circulating supply, is deemed "lost forever."