Convicted buyers have bought up cheap Bitcoin as prices fell over the course of last year.
The number of Bitcoin (BTC) wallet addresses holding one whole BTC or more has surpassed the one million mark.
The one million wholecoiner milestone was reached on May 13, according to data from Glassnode.
Number of Bitcoin wallets holding more than 1 Bitcoin since inception. Source: Glassnode.
As the price of Bitcoin fell more than 65% over the course of last year, the number of wallet addresses holding one Bitcoin or more spiked, with the most notable surges occurring during an acute market crash in June and from November 11, the date that FTX collapsed and subsequently filed for bankruptcy.
In total, a whopping 190,000 or so “wholecoiners” were added from early February 2022 as the price of Bitcoin fell from its November 2021 highs.
Glassnode co-founder Negentropic told his 54,000 Twitter followers that the best time to buy Bitcoin is when there’s “blood in the streets.”
His comments come in the wake of numerous major bank collapses in the United States, as well as the Fed looking to potentially pause interest rate hikes in the coming months. These are some of the reasons why Glassnode said that it “remains confident” that Bitcoin can reach a price of $35,000 in the mid-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
While the round number “one million” marks a new notch in the record books, it’s worth pointing out that one 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 typically own large sums of Bitcoin.
Related: Bitcoin price hits $27.2K, but new analysis warns more losses ‘likely’
According to data from crypto analytics provider CoinGlass, of the roughly 19 million Bitcoin currently in circulation, 1.89 million of these BTC — worth $50.7 billion — are held on major centralized exchanges such as Binance and Coinbase.
The total number of Bitcoin held on centralized exchanges. Source: CoinGlass.
Furthermore, a staggering 3 million BTC — worth $80.4 billion and accounting for 17% of the total circulating supply — are “lost forever,” according to estimates from Glassnode, which draws the figure from a combination of data including BTC sent to “burn addresses,” wallets with lost keys and large accounts that have remained untouched for more than a decade.
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